Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $14.01, but opened at $14.50. Bitdeer Technologies Group shares last traded at $14.13, with a volume of 925,224 shares traded.

Analyst Ratings Changes

BTDR has been the topic of a number of research reports. Needham & Company LLC boosted their target price 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. B. Riley boosted their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. Wall Street Zen upgraded Bitdeer Technologies Group from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. 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 report on Wednesday, February 26th. Finally, Benchmark reiterated a “buy” rating and issued a $24.00 price target on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $19.60.

Bitdeer Technologies Group Trading Down 0.8%

The firm has a market cap of $1.56 billion, a P/E ratio of -27.00 and a beta of 2.32. The company’s 50-day moving average is $11.33 and its two-hundred day moving average is $14.46.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group during the fourth quarter worth about $10,378,000. Renaissance Technologies LLC grew its position in shares of Bitdeer Technologies Group by 3,558.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock valued at $26,876,000 after acquiring an additional 1,206,361 shares during the period. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $65,010,000. JPMorgan Chase & Co. bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $8,833,000. Finally, Vident Advisory LLC raised its holdings in shares of Bitdeer Technologies Group by 29.7% in the 4th quarter. Vident Advisory LLC now owns 1,139,619 shares of the company’s stock worth $24,696,000 after purchasing an additional 260,649 shares during the period. 22.25% of the stock is owned by institutional investors.

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.