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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) 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.

BTDR has been the subject of a number of other research reports. Northland Securities boosted their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Bitdeer Technologies Group in a report on Monday. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Finally, Benchmark upped their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and a consensus target price of $21.00.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Bitdeer Technologies Group by 281.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after acquiring an additional 182,110 shares in the last quarter. Millennium Management LLC raised its position in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Mirabella Financial Services LLP acquired a new position in Bitdeer Technologies Group during the third quarter valued at approximately $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Bitdeer Technologies Group in the 3rd quarter valued at $220,000. Finally, Geode Capital Management LLC increased its stake in shares of Bitdeer Technologies Group by 14.6% in 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. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $2.13 billion, a price-to-earnings ratio of -36.61 and a beta of 2.09. The business has a fifty day moving average price of $17.07 and a 200 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.