Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 5.2% – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price was up 5.2% on Thursday . The company traded as high as $12.84 and last traded at $12.51. Approximately 322,406 shares changed hands during trading, a decline of 86% from the average daily volume of 2,275,755 shares. The stock had previously closed at $11.89.

Wall Street Analyst Weigh In

BTDR has been the subject of a number of research analyst reports. B. Riley reduced their price objective on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Benchmark reaffirmed a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, HC Wainwright boosted their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Price Performance

The company has a market cap of $1.29 billion, a PE ratio of -22.19 and a beta of 1.92. The firm has a 50-day simple moving average of $8.44 and a two-hundred day simple moving average of $8.15.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group in the 3rd quarter valued at about $66,000. Centiva Capital LP acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $91,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Bitdeer Technologies Group during the third quarter worth approximately $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Bitdeer Technologies Group in the 3rd quarter worth approximately $220,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.