Bitdeer Technologies Group (NASDAQ:BTDR) Receives Positive Rating from Analysts

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) has recently caught the attention of investors as it has been assigned an average recommendation of "Buy" from eleven brokerages currently tracking the firm, according to reports from MarketBeat Ratings. Out of these analysts, ten have assigned a standard buy rating, while one analyst stands out with a strong buy recommendation. Moreover, the collective average price target set by these brokerages for BTDR shares over the next twelve months is $19.80.

Analysts' Insights

Various equity analysts have shared their perspectives on Bitdeer Technologies Group's stock in recent weeks. For instance, HC Wainwright increased their price target for Bitdeer from $17.00 to $18.00 while confirming their "buy" rating in a report dated November 19. Similarly, Roth MKM made notable adjustments by raising its price target from $15.00 to $29.00 and maintained a "buy" recommendation on December 17. Benchmark also adjusted their outlook, raising their price target from $16.00 to $29.00 in a note released December 9.

In addition, Alliance Global Partners initiated their coverage of Bitdeer Technologies Group on October 8, issuing a "buy" rating with a price target set at $14.00. Furthermore, Cantor Fitzgerald reiterated an "overweight" recommendation with a price target of $13.00 on October 3.

Current Trading Conditions

On Thursday, Bitdeer Technologies Group's stock opened at $18.58. Over the past year, the stock has experienced significant volatility, with a low of $5.23 and a high of $26.99. The current 50-day moving average stands at $16.21, while the 200-day moving average is recorded at $11.05. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -35.73, and a beta of 2.09, indicating its tendency to be more volatile compared to the market.

Institutional Investor Activity

In recent times, several large institutional investors have altered their stakes in Bitdeer Technologies Group. For example, during the third quarter, Charles Schwab Investment Management Inc. increased its ownership by a remarkable 281.4%, now holding 246,834 shares worth approximately $1.93 million. Similarly, Millennium Management LLC boosted its holdings by 901.0% during the second quarter, bringing its total ownership to 410,359 shares valued at $4.21 million.

Additionally, Mirabella Financial Services LLP acquired a new stake in the company during the third quarter, valued at about $5.87 million. UBS Asset Management also established a position worth around $220,000 during the same period. Lastly, Geode Capital Management LLC raised its stake by 14.6%, now owning 368,564 shares worth approximately $2.89 million. Overall, institutional investors and hedge funds own about 22.25% of Bitdeer Technologies Group's stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a company that specializes in blockchain technology and computing solutions. The firm provides hash rate sharing solutions, including cloud hash rates and a hash rate marketplace. It also offers comprehensive mining machine hosting solutions that encompass deployment, maintenance, and management services aimed at enhancing cryptocurrency mining efficiency while also mining cryptocurrencies for its own account.

Bitdeer, Stocks, Investment