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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Wednesday after Rosenblatt Securities raised their price target on the stock from $9.00 to $17.00. The stock had previously closed at $11.54, but opened at $12.06. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $12.93, with a volume of 3,543,795 shares.

Several other research analysts have also weighed in on BTDR. Benchmark reissued a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday. B. Riley lowered their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, October 11th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday. Finally, HC Wainwright boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $14.80.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in BTDR. Mirabella Financial Services LLP bought a new stake in Bitdeer Technologies Group during the 3rd quarter worth approximately $5,872,000. D1 Capital Partners L.P. bought a new stake in Bitdeer Technologies Group during the second quarter worth $5,386,000. Marshall Wace LLP purchased a new stake in Bitdeer Technologies Group in the 2nd quarter valued at $5,074,000. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group during the 2nd quarter valued at $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,510,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The company’s 50 day moving average price is $8.35 and its 200-day moving average price is $8.11. The stock has a market cap of $1.25 billion, a P/E ratio of -21.52 and a beta of 1.92.

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.