Bitdeer Technologies Group (NASDAQ:BTDR) Reaches New 12-Month High – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares reached a new 52-week high during trading on Monday . The company traded as high as $26.99 and last traded at $26.41, with a volume of 1804400 shares trading hands. The stock had previously closed at $26.10.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BTDR shares. Northland Securities lifted their price target on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Roth Mkm boosted their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Rosenblatt Securities boosted their price objective on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $19.80.

Bitdeer Technologies Group Trading Down 6.4 %

The company has a market capitalization of $2.73 billion, a P/E ratio of -46.96 and a beta of 2.09. The stock’s fifty day moving average is $15.53 and its 200 day moving average is $10.83.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $272,000. Thomist Capital Management LP bought a new stake in Bitdeer Technologies Group in the second quarter valued at $1,156,000. XTX Topco Ltd purchased a new position in Bitdeer Technologies Group during the 2nd quarter valued at $276,000. Symmetry Investments LP bought a new position in Bitdeer Technologies Group in the 2nd quarter worth $432,000. Finally, D1 Capital Partners L.P. purchased a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth about $5,386,000. 22.25% of the stock is 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.