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 Friday after Rosenblatt Securities raised their price target on the stock from $17.00 to $22.00. The stock had previously closed at $16.98, but opened at $18.49. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $19.63, with a volume of 2,870,839 shares trading hands.

BTDR has been the topic of several other reports. HC Wainwright increased their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target on the stock. Roth Mkm increased their price target on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Northland Securities increased their price target on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $15.90.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $275,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $161,000. Geode Capital Management LLC boosted its position in Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after buying an additional 46,968 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $66,000. Finally, Y Intercept Hong Kong Ltd boosted 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 valued at $347,000 after buying an additional 21,798 shares during the period. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $2.35 billion, a PE ratio of -40.77 and a beta of 2.27. The company’s 50-day simple moving average is $9.62 and its two-hundred day simple moving average is $8.66.

About Bitdeer Technologies Group

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.