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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up prior to trading 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.

BTDR has been the subject of several other reports. Northland Securities boosted their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Roth Mkm upped their price target on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. HC Wainwright increased their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Benchmark boosted their price objective on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, B. Riley increased their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $21.00.

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in shares of Bitdeer Technologies Group by 281.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after acquiring an additional 182,110 shares during the last quarter. Millennium Management LLC increased its position in shares of Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after purchasing an additional 369,363 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $220,000. Finally, Geode Capital Management LLC boosted its holdings 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 buying an additional 46,968 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Price Performance

The firm has a market capitalization of $2.13 billion, a P/E ratio of -36.61 and a beta of 2.09. The firm’s 50 day moving average is $17.07 and its two-hundred day moving average is $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.