Rosenblatt Securities Adjusts Price Target for Bitdeer Technologies Group (NASDAQ:BTDR)

On Monday morning, Rosenblatt Securities released a report stating that they have reduced their target price for Bitdeer Technologies Group (NASDAQ:BTDR) from $30.00 to $25.00. Despite this adjustment, they maintain a "buy" rating on the stock.

Other research firms have also shared their opinions on BTDR recently. Roth MKM reaffirmed a "buy" rating but lowered their price target from $29.00 to $23.50 in a note published on February 26th. In a different update, B. Riley adjusted their price target upwards from $15.00 to $24.00, while giving Bitdeer a "buy" rating on December 19th. Additionally, Benchmark reduced their target price from $29.00 to $24.00 and also labeled the stock as a "buy" on February 26th. Northland Securities increased their price target from $20.00 to $24.00, granting the company an "outperform" rating on January 10th. Conversely, Needham & Company LLC lowered their target from $22.00 to $18.00 but still maintains a "buy" rating as of February 26th. Currently, ten analysts have given Bitdeer a "buy" rating, alongside one strong buy, leading to an overall average rating of "Buy" with a price target of $21.30 according to MarketBeat.com.

Bitdeer Technologies Group Stock Overview

As of Monday, the BTDR stock opened at $10.48. The stock has a 50-day simple moving average of $15.58 and a 200-day simple moving average of $13.18. In the past year, Bitdeer has seen a low of $5.23 and reached a high of $26.99, giving it a market capitalization of approximately $1.17 billion, a price-to-earnings ratio of -20.15, and a beta of 2.12.

Recent Institutional Investment Activity

In recent months, several institutional investors and hedge funds have adjusted their positions in BTDR. Notably, Yong Rong HK Asset Management Ltd established a new position in Bitdeer during the fourth quarter, totaling about $65,010,000. Trivest Advisors Ltd also acquired a new stake worth approximately $48,481,000. Van Eck Associates Corp took a new position worth $29,125,000, while Renaissance Technologies LLC significantly increased its holdings by 3,558.6%, now owning 1,240,261 shares valued at roughly $26,876,000 after acquiring an additional 1,206,361 shares. Lastly, Voloridge Investment Management LLC bought a new stake valued at around $16,834,000. Institutional ownership currently accounts for 22.25% of Bitdeer's stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates within the blockchain and computing technology sectors. They provide hash rate sharing solutions, which include cloud hash rate services and a hash rate marketplace. Additionally, they offer comprehensive mining machine hosting services that cover deployment, maintenance, and management for efficient cryptocurrency mining, along with mining cryptocurrencies for their own account.

Stocks, Investment, Technology