Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Raised to $30.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has increased the price target for Bitdeer Technologies Group from $17.00 to $30.00, suggesting a potential upside of 15.83% from the stock's previous close.
• The stock received a consensus rating of "Moderate Buy" from analysts, with twelve firms recommending a buy and only one firm suggesting a sell.
• Institutional investors own approximately 22.25% of Bitdeer Technologies Group's stock, indicating significant interest from hedge funds and other entities in the company's shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) had its price objective raised by equities researchers at Needham & Company LLC from $17.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 15.83% from the company's previous close.

Several other research firms also recently issued reports on BTDR. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitdeer Technologies Group in a report on Wednesday, October 8th. HC Wainwright increased their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Monday, August 18th. B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Cantor Fitzgerald increased their target price on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, BTIG Research increased their target price on shares of Bitdeer Technologies Group from $23.00 to $25.00 and gave the company a "buy" rating in a research report on Tuesday. Twelve analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of "Moderate Buy" and a consensus target price of $27.58.

Bitdeer Technologies Group Stock Performance

BTDR opened at $25.90 on Thursday. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 0.12. The company has a market cap of $5.48 billion, a price-to-earnings ratio of -5.51 and a beta of 2.25. Bitdeer Technologies Group has a 52-week low of $6.84 and a 52-week high of $27.80. The firm's fifty day simple moving average is $15.72 and its two-hundred day simple moving average is $13.26.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its stake in Bitdeer Technologies Group by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company's stock worth $30,000 after buying an additional 1,044 shares during the period. Amalgamated Bank purchased a new position in Bitdeer Technologies Group during the second quarter worth about $35,000. Stonebridge Financial Group LLC boosted its stake in shares of Bitdeer Technologies Group by 33.3% in the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock valued at $35,000 after purchasing an additional 1,000 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bitdeer Technologies Group in the first quarter valued at approximately $55,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Bitdeer Technologies Group by 7,157.0% in the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock valued at $83,000 after purchasing an additional 7,157 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company's stock.

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.

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