Benchmark Reaffirms “Buy” Rating for Bitdeer Technologies Group (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR)‘s stock had its “buy” rating reaffirmed by analysts at Benchmark in a note issued to investors on Monday,Benzinga reports. They currently have a $24.00 target price on the stock. Benchmark’s price target points to a potential upside of 66.32% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 price target for the company. HC Wainwright reissued a “buy” rating and set a $21.00 price target (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Rosenblatt Securities increased their price target on shares of Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Monday. Needham & Company LLC dropped their price target on shares of Bitdeer Technologies Group from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, April 21st. Finally, Roth Mkm reissued a “buy” rating and set a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Performance

Shares of Bitdeer Technologies Group stock opened at $14.43 on Monday. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -27.75 and a beta of 2.24. The company has a fifty day moving average of $9.80 and a 200-day moving average of $13.86. Bitdeer Technologies Group has a 52-week low of $5.25 and a 52-week high of $26.99.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Yong Rong HK Asset Management Ltd purchased a new position in Bitdeer Technologies Group during the 4th quarter valued at about $65,010,000. Trivest Advisors Ltd purchased a new position in Bitdeer Technologies Group during the 4th quarter valued at about $48,481,000. Van ECK Associates Corp purchased a new position in Bitdeer Technologies Group during the 4th quarter valued at about $29,125,000. FengHe Fund Management Pte. Ltd. lifted its position in Bitdeer Technologies Group by 178.2% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock valued at $11,763,000 after acquiring an additional 853,300 shares during the period. Finally, Renaissance Technologies LLC lifted its position in 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. 22.25% of the stock is owned by hedge funds and other 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.