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

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped up before the market opened on Wednesday after Rosenblatt Securities raised their price target on the stock from $9.00 to $17.00. The stock had previously closed at $11.54, but opened at $12.06. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $12.93, with a volume of 3,543,795 shares changing hands.

A number of other research analysts also recently issued reports on the stock. Roth Mkm raised their price target on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday. B. Riley decreased their target price on 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. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. HC Wainwright increased 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. Finally, Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Buy” and a consensus price target of $14.80.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds have recently modified their holdings of BTDR. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group during the third quarter worth $66,000. Centiva Capital LP bought a new stake in Bitdeer Technologies Group during the third quarter worth about $91,000. Barclays PLC acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $169,000. Finally, Y Intercept Hong Kong Ltd grew its position in Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after acquiring an additional 21,798 shares during the last quarter. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The company has a 50-day simple moving average of $8.26 and a 200-day simple moving average of $8.09. The stock has a market cap of $1.33 billion, a P/E ratio of -22.87 and a beta of 1.92.

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.