Bitdeer Technologies Group (NASDAQ:BTDR) Trading 6.7% Higher - Still a Buy?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) were up 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 were traded during mid-day trading, a decline of 79% from the average daily volume of 5,211,187 shares. The stock had previously closed at $12.55.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BTDR shares. Cantor Fitzgerald increased 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. Benchmark restated a "buy" rating and issued a $24.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, May 12th. B. Riley cut their price objective on shares of Bitdeer Technologies Group from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Needham & Company LLC upped their price objective on shares of Bitdeer Technologies Group from $13.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, May 16th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given 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 Down 0.4%

The stock's fifty day moving average price is $13.26 and its 200 day moving average price is $13.21. The stock has a market cap of $1.53 billion, a PE ratio of -3.36 and a beta of 2.22.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Bitdeer Technologies Group by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock worth $636,000 after acquiring an additional 916 shares during the period. Stonebridge Financial Group LLC raised its position in Bitdeer Technologies Group by 33.3% in the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after acquiring an additional 1,000 shares during the period. Public Employees Retirement System of Ohio raised its position in Bitdeer Technologies Group by 14.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock worth $208,000 after acquiring an additional 1,200 shares during the period. Wells Fargo & Company MN raised its position in shares of Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock valued at $93,000 after purchasing an additional 1,540 shares during the period. Finally, Quarry LP bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at $42,000. 22.25% of the stock is currently owned by institutional investors.

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.