Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 6.9% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares rose 6.9% during trading on Monday . The company traded as high as $10.78 and last traded at $10.70. Approximately 511,012 shares were traded during trading, a decline of 88% from the average daily volume of 4,110,868 shares. The stock had previously closed at $10.01.

Analyst Ratings Changes

Several research analysts have recently weighed in on BTDR shares. Needham & Company LLC lowered their price objective on Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, March 19th. Roth Mkm reiterated a “buy” rating and issued a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Rosenblatt Securities cut their price target on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, March 17th. B. Riley lifted their price objective on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They set an “outperform” rating and a $26.50 target price on the stock. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $21.00.

Bitdeer Technologies Group Price Performance

The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -21.13 and a beta of 2.12. The business’s fifty day moving average price is $14.61 and its 200-day moving average price is $13.37.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $42,000. Stonebridge Financial Group LLC bought a new position in Bitdeer Technologies Group during the 4th quarter valued at $65,000. SBI Securities Co. Ltd. purchased a new position in Bitdeer Technologies Group during the 4th quarter worth $79,000. Wells Fargo & Company MN boosted its holdings in Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company’s stock worth $93,000 after acquiring an additional 1,540 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth $116,000. 22.25% of the stock is owned by institutional investors.

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.