Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 5.2% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) shares shot up 5.2% during mid-day trading on Thursday . The company traded as high as $12.84 and last traded at $12.51. 322,406 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,275,755 shares. The stock had previously closed at $11.89.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BTDR. Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday. Rosenblatt Securities lifted their price target on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday. Roth Mkm upped their price objective on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday. Benchmark reissued a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. Finally, Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Price Performance

The company has a 50 day moving average price of $8.44 and a 200 day moving average price of $8.15. The firm has a market cap of $1.29 billion, a PE ratio of -22.19 and a beta of 1.92.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of BTDR. Virtu Financial LLC purchased a new stake in shares of Bitdeer Technologies Group in the first quarter valued at about $431,000. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Bitdeer Technologies Group in the second quarter valued at about $272,000. Thomist Capital Management LP purchased a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $1,156,000. XTX Topco Ltd acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $276,000. Finally, Symmetry Investments LP purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $432,000. Hedge funds and other 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.