Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $15.54, but opened at $16.40. Bitdeer Technologies Group shares last traded at $16.64, with a volume of 927,805 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Bitdeer Technologies Group in a research note on Monday. They set an “outperform” rating and a $26.50 price target on the stock. Benchmark upped their price target on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. B. Riley lifted their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Northland Securities boosted their price objective on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $21.50.

Bitdeer Technologies Group Trading Up 2.7 %

The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -32.92 and a beta of 2.09. The stock has a 50-day simple moving average of $19.06 and a 200-day simple moving average of $11.94.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Bitdeer Technologies Group by 281.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after purchasing an additional 182,110 shares in the last quarter. Millennium Management LLC increased its holdings in Bitdeer Technologies Group by 901.0% in the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after buying an additional 369,363 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $220,000. Finally, Geode Capital Management LLC increased its holdings in shares of Bitdeer Technologies Group by 14.6% in the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after acquiring an additional 46,968 shares during the last quarter. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

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.