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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $14.75, but opened at $15.27. Bitdeer Technologies Group shares last traded at $15.75, with a volume of 919,164 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Roth Mkm reaffirmed a "buy" rating and set a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Wall Street Zen raised Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Rosenblatt Securities increased their price objective on Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, May 12th. HC Wainwright reissued a "buy" rating and set a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Finally, Benchmark restated a "buy" rating and set a $24.00 price target on shares of Bitdeer Technologies Group in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bitdeer Technologies Group presently has an average rating of "Buy" and a consensus target price of $20.20.

Bitdeer Technologies Group Stock Performance

The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -28.88 and a beta of 2.24. The company has a 50-day moving average price of $10.59 and a 200-day moving average price of $14.29.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC raised its holdings in Bitdeer Technologies Group by 33.3% during the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares in the last quarter. Quarry LP acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth $42,000. Caitong International Asset Management Co. Ltd purchased a new stake in Bitdeer Technologies Group in the first quarter valued at $55,000. SBI Securities Co. Ltd. acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at $79,000. Finally, Wells Fargo & Company MN boosted its stake in Bitdeer Technologies Group by 56.4% in the fourth quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock valued at $93,000 after acquiring an additional 1,540 shares in the last quarter. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

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.