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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) 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 trading hands.

BTDR has been the subject of a number of other research reports. Benchmark upped their price target on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, December 9th. HC Wainwright increased their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Roth Mkm increased their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $21.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BTDR. Mirabella Financial Services LLP purchased a new position in shares of Bitdeer Technologies Group during the third quarter worth $5,872,000. D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group during the second quarter worth $5,386,000. Marshall Wace LLP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at $5,074,000. Point72 Asset Management L.P. acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at $4,510,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Price Performance

The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -35.40 and a beta of 2.09. The firm has a 50 day moving average price of $16.84 and a 200-day moving average price of $11.24.

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.