Bitdeer Technologies Group (NASDAQ:BTDR) Trading 6.7% Higher - Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price rose 6.7% during mid-day trading on Wednesday . The company traded as high as $13.35 and last traded at $13.39. Approximately 1,094,330 shares traded hands during trading, a decline of 79% from the average daily volume of 5,211,187 shares. The stock had previously closed at $12.55.

Wall Street Analyst Weigh In

BTDR has been the topic of a number of recent research reports. Rosenblatt Securities reiterated a "buy" rating and set a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Cantor Fitzgerald boosted their price target on shares of Bitdeer Technologies Group from $21.00 to $23.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Benchmark reissued a "buy" rating and set a $24.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. Finally, B. Riley lowered their price objective on Bitdeer Technologies Group from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, July 10th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $21.00.

Bitdeer Technologies Group Stock Up 1.9%

The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -3.37 and a beta of 2.22. The company has a fifty day moving average price of $13.27 and a two-hundred day moving average price of $13.39.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Bitdeer Technologies Group by 49.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 368,778 shares of the company's stock worth $7,991,000 after buying an additional 121,944 shares in the last quarter. Chesapeake Capital Corp IL acquired a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $289,000. Trivest Advisors Ltd purchased a new position in Bitdeer Technologies Group in the 4th quarter valued at approximately $48,481,000. Teacher Retirement System of Texas acquired a new position in Bitdeer Technologies Group during the fourth quarter worth $331,000. Finally, Sciencast Management LP purchased a new stake in Bitdeer Technologies Group during the fourth quarter worth $281,000. 22.25% of the stock is 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.