Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 5.7% Following Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shares traded up 5.7% during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $15.00 to $24.00. B. Riley currently has a buy rating on the stock. Bitdeer Technologies Group traded as high as $22.60 and last traded at $22.44. 4,300,233 shares traded hands during trading, an increase of 45% from the average session volume of 2,966,461 shares. The stock had previously closed at $21.22.

Several other research firms have also commented on BTDR. Roth Mkm lifted their price target on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Northland Securities increased their price target on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Benchmark upped their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $19.80.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Bitdeer Technologies Group in the third quarter worth $66,000. Centiva Capital LP bought a new stake in Bitdeer Technologies Group in the 3rd quarter valued at $91,000. Barclays PLC acquired a new stake in Bitdeer Technologies Group in the 3rd quarter worth $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth about $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth about $220,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Down 6.5 %

The stock’s 50-day moving average price is $12.27 and its 200 day moving average price is $9.67. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -34.88 and a beta of 2.27.

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.