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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Friday after Rosenblatt Securities raised their price target on the stock from $17.00 to $22.00. The stock had previously closed at $16.98, but opened at $18.49. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $19.63, with a volume of 2,870,839 shares trading hands.

BTDR has been the topic of several other research reports. Benchmark restated a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. HC Wainwright increased their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, B. Riley reduced their price objective on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $15.90.

Institutional Trading of Bitdeer Technologies Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new position in Bitdeer Technologies Group in the third quarter valued at $275,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth about $161,000. Geode Capital Management LLC increased its position in shares of Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after purchasing an additional 46,968 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $66,000. Finally, Y Intercept Hong Kong Ltd lifted its position in Bitdeer Technologies Group by 96.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after buying an additional 21,798 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $2.35 billion, a PE ratio of -40.40 and a beta of 2.27. The company has a 50 day simple moving average of $9.87 and a 200-day simple moving average of $8.77.

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.