Needham & Company LLC Lowers Price Target for Bitdeer Technologies Group

Bitdeer Technologies Group (NASDAQ:BTDR) saw its price target decreased by Needham & Company LLC from $18.00 to $15.00 in a report published on Wednesday. Despite the reduced target, the brokerage maintained a "buy" rating for the stock. This new price target suggests a possible upside of 58.23% based on the stock's previous closing price.

Bitdeer Technologies Group has been featured in several other analyst reports recently. For instance, Roth MKM reaffirmed a "buy" rating but lowered their price target from $29.00 to $23.50. Similarly, HC Wainwright also maintained a "buy" rating while adjusting the price objective from $22.00 to $21.00. Keefe, Bruyette & Woods began covering Bitdeer Technologies on January 27, assigning an "outperform" rating with a price target of $26.50.

Furthermore, B. Riley increased their price target from $15.00 to $24.00, maintaining a "buy" rating on the stock. On the other hand, Rosenblatt Securities cut their price target from $30.00 to $25.00 while keeping a "buy" rating. Currently, ten investment analysts have rated the stock as a buy, with one issuing a strong buy rating. According to MarketBeat, Bitdeer Technologies Group owns an average rating of "buy" with an average target price set at $21.00.

Bitdeer Technologies Group Stock Performance

On Wednesday, shares of Bitdeer Technologies Group opened at $9.48. The company currently has a market capitalization of $1.06 billion. Its price-to-earnings (P/E) ratio stands at -18.23, and it has a beta of 2.12. The stock possesses a 50-day simple moving average of $15.38 and a 200-day simple moving average of $13.21. Over the past year, Bitdeer Technologies has experienced a low of $5.23 and a high of $26.99.

Institutional Investment in Bitdeer Technologies Group

A number of institutional investors have recently adjusted their stakes in Bitdeer Technologies Group. Quarry LP acquired a new position in the company during the fourth quarter valued at approximately $42,000. Likewise, Stonebridge Financial Group LLC purchased a new stake worth around $65,000 in the fourth quarter. Public Employees Retirement System of Ohio and SBI Securities Co. Ltd. also acquired new stakes in the third and fourth quarters, respectively, each worth about $66,000 and $79,000. Additionally, Centiva Capital LP entered a new position valued at $91,000 in the third quarter. Currently, institutional investors collectively hold 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group functions as a technology firm focused on blockchain and computing solutions. The company specializes in hash rate sharing options, which include cloud hash rate and hash rate marketplace services, in addition to providing comprehensive mining machine hosting services, including deployment, maintenance, and management to ensure efficient cryptocurrency mining operations. The company also engages in mining cryptocurrencies for its own account.

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