What's Going On With Bitdeer Technologies Stock?

Bitdeer Technologies Group BTDR shares are trading higher Friday. Multiple analysts have recently initiated coverage on the stock. Here's a look at what's going on.

What To Know:

Benchmark analyst Mark Palmer initiated coverage with a Buy rating and announced a $13 price target on the stock Thursday. Palmer highlighted the upcoming Bitdeer AI Cloud offering, which aims to provide businesses with cloud-based, high-powered computing resources for AI and machine learning tasks. 

Bitdeer's expansion into artificial intelligence is notably backed by its role as a preferred cloud service provider within Nvidia Corporation's partner network.

BTIG analyst Gregory Lewis initiated coverage on Bitdeer Technologies with a Buy rating and announced a $15 price target on Wednesday.

B. Riley Securities analyst Lucas Pipes initiated coverage on Bitdeer with a Buy rating and announced a price target of $9 on the stock last week. Pipes noted the company has significantly reduced its electricity costs largely due to carbon-free, low-cost power at its Bhutan and Norway locations.

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BTDR Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Bitdeer Technologies, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Bitdeer Technologies, the 200-day moving average sits at $8.34, according to Benzinga Pro, which is above the current price of $7.26. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

BTDR Price Action: According to Benzinga Pro, Bitdeer shares are up 14.7% at $7.41 at the time of publication.

Image: Brian Penny from Pixabay