Bitdeer Technologies Group (NASDAQ:BTDR) Reaches New 1-Year High – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) hit a new 52-week high during trading on Monday . The stock traded as high as $26.99 and last traded at $26.41, with a volume of 1804400 shares traded. The stock had previously closed at $26.10.

Analyst Ratings Changes

A number of research firms have recently weighed in on BTDR. Roth Mkm increased their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Benchmark raised their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. HC Wainwright upped their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. B. Riley lifted their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $19.80.

Bitdeer Technologies Group Trading Down 6.4 %

The company’s fifty day simple moving average is $15.53 and its 200 day simple moving average is $10.83. The stock has a market capitalization of $2.73 billion, a P/E ratio of -46.96 and a beta of 2.09.

Institutional Investors Weigh In On Bitdeer Technologies Group

Large investors have recently added to or reduced their stakes in the business. Central Asset Investments & Management Holdings HK Ltd bought a new position in Bitdeer Technologies Group in the 2nd quarter worth about $272,000. Thomist Capital Management LP purchased a new stake in Bitdeer Technologies Group in the second quarter valued at approximately $1,156,000. XTX Topco Ltd bought a new stake in Bitdeer Technologies Group during the second quarter valued at approximately $276,000. Symmetry Investments LP bought a new stake in Bitdeer Technologies Group during the second quarter valued at approximately $432,000. Finally, D1 Capital Partners L.P. purchased a new position in Bitdeer Technologies Group in the 2nd quarter worth approximately $5,386,000. Institutional investors own 22.25% of the company’s stock.

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.