Bitdeer Technologies Group (NASDAQ:BTDR) Receives Average 'Buy' Rating From Analysts

Bitdeer Technologies Group, traded under the ticker NASDAQ:BTDR, has recently been given an overall recommendation of "Buy" by a total of eleven different brokerages monitoring the company, according to findings reported by MarketBeat Ratings. Out of these, ten analysts have assigned a straightforward buy rating, while one analyst has endorsed the stock with a robust buy rating. The average price target set by these brokerages for the next twelve months is approximately $19.80.

Analysts' Insights on BTDR Shares

Several equity analysts have shared their thoughts regarding the shares of Bitdeer Technologies Group. Notably, HC Wainwright raised their target price from $17.00 to $18.00 while maintaining a "buy" rating in a report released on November 19th. Similarly, Roth MKM significantly increased their price target from $15.00 to $29.00 in their analysis on December 17th, also issuing a "buy" recommendation. Benchmark's report dated December 9th provided a boost in their target price from $16.00 to $29.00, again awarding a buy rating for the stock. Initial coverage by Alliance Global Partners on October 8th included a "buy" rating and a $14.00 target price. Moreover, Cantor Fitzgerald reiterated an "overweight" rating with a price target of $13.00 as stated in their review on October 3rd.

Bitdeer Technologies Group's Stock Performance

As of Thursday, BTDR shares opened at $18.58, showcasing a significant trading range over the past year, with a low of $5.23 and a high of $26.99. Currently, the firm holds a market capitalization of $2.08 billion, accompanied by a negative PE ratio of -35.73 and a beta of 2.09. The 50-day and 200-day moving averages stand at $16.21 and $11.05 respectively. Recently, the stock experienced a decline of 5.7%.

Institutional Investor Activity

A number of institutional investors have altered their stakes in Bitdeer Technologies Group recently. For instance, Charles Schwab Investment Management Inc. boosted its shares by a staggering 281.4% in the third quarter, accumulating a position worth around $1,933,000 after an additional purchase of 182,110 shares. Millennium Management LLC made a notable increase of 901.0% in their second-quarter holdings, acquiring a total of 410,359 shares valued at approximately $4,210,000. Other firms such as Mirabella Financial Services LLP and UBS Asset Management have also established new positions, with an acquisition valued at about $5,872,000 for Mirabella. Overall, institutional investors currently own about 22.25% of Bitdeer Technologies Group's stock.

Insight into Bitdeer Technologies Group

Bitdeer Technologies Group is known for its operations centered around blockchain technology and computing. The company offers various solutions for hash rate sharing, including Cloud hash rate services and a hash rate marketplace. They also provide comprehensive mining machine hosting services that cover deployment, maintenance, and management to enhance efficiency in cryptocurrency mining. Additionally, Bitdeer participates in cryptocurrency mining for its own benefit.

Bitdeer, Technology, Shares