Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up Following Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped up before the market opened on Wednesday after Rosenblatt Securities raised their price target on the stock from $9.00 to $17.00. The stock had previously closed at $11.54, but opened at $12.06. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $12.93, with a volume of 3,543,795 shares traded.

A number of other equities research analysts also recently issued reports on the stock. Benchmark reiterated a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday. Roth Mkm lifted their price objective on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Northland Securities boosted their price target on Bitdeer Technologies Group from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $14.80.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $66,000. Centiva Capital LP acquired a new stake in Bitdeer Technologies Group during the 3rd quarter worth approximately $91,000. Barclays PLC bought a new stake in Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Bitdeer Technologies Group in the 3rd quarter valued at approximately $169,000. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of Bitdeer Technologies Group by 96.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after acquiring an additional 21,798 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Price Performance

The company has a market cap of $1.25 billion, a price-to-earnings ratio of -21.52 and a beta of 1.92. The business’s fifty day moving average price is $8.35 and its 200 day moving average price is $8.11.

Bitdeer Technologies Group Company 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.