Renaissance Technologies LLC Increases Stock Position in Bitdeer Technologies Group (NASDAQ:BTDR)

Renaissance Technologies LLC grew its stake in Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) by 3,558.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,240,261 shares of the company's stock after buying an additional 1,206,361 shares during the period. Renaissance Technologies LLC owned 1.11% of Bitdeer Technologies Group worth $26,876,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $65,010,000. Trivest Advisors Ltd purchased a new position in Bitdeer Technologies Group during the 4th quarter worth $48,481,000. Van ECK Associates Corp acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at $29,125,000. HCEP Management Ltd purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $11,551,000. Finally, FengHe Fund Management Pte. Ltd. purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter worth about $10,378,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. B. Riley increased their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. HC Wainwright restated a "buy" rating and set a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They issued an "outperform" rating and a $26.50 target price on the stock. Rosenblatt Securities reduced their price target on Bitdeer Technologies Group from $25.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Finally, Northland Securities upped their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an "outperform" rating in a report on Friday, January 10th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $19.70.

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Bitdeer Technologies Group Stock Performance

BTDR stock traded down $0.67 during midday trading on Tuesday, hitting $7.20. 3,886,937 shares of the stock were exchanged, compared to its average volume of 4,363,679. The stock's 50-day moving average price is $11.09 and its 200-day moving average price is $13.46. The stock has a market cap of $806.16 million, a price-to-earnings ratio of -13.85 and a beta of 2.25. Bitdeer Technologies Group has a fifty-two week low of $5.23 and a fifty-two week high of $26.99.

Bitdeer Technologies Group 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.