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

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $17.11, but opened at $18.31. Needham & Company LLC currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $18.41, with a volume of 1,736,382 shares changing hands.

Several other research firms have also issued reports on BTDR. Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Bitdeer Technologies Group in a report on Monday. Northland Securities boosted their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. HC Wainwright upped their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Roth Mkm increased their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus price target of $21.00.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $66,000. Centiva Capital LP bought a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $91,000. International Assets Investment Management LLC bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at $308,000. Barclays PLC bought a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth $169,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Trading Up 9.5 %

The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -40.08 and a beta of 2.09. The stock has a 50-day moving average price of $17.07 and a two-hundred day moving average price of $11.30.

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.