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

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped up before the market opened on Thursday . The stock had previously closed at $19.40, but opened at $20.45. Bitdeer Technologies Group shares last traded at $19.89, with a volume of 2,012,335 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on BTDR. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Roth Mkm raised their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Alliance Global Partners initiated coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $18.60.

Bitdeer Technologies Group Stock Performance

The stock’s fifty day simple moving average is $12.05 and its two-hundred day simple moving average is $9.61. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -36.35 and a beta of 2.27.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently modified their holdings of BTDR. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group during the third quarter valued at $66,000. Centiva Capital LP bought a new stake in Bitdeer Technologies Group in the third quarter worth $91,000. Barclays PLC acquired a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Bitdeer Technologies Group in the third quarter worth $169,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new stake in Bitdeer Technologies Group during the second quarter valued at about $272,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.