Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 5.7% After Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shot up 5.7% during trading on Wednesday after Roth Mkm raised their price target on the stock from $15.00 to $29.00. Roth Mkm currently has a buy rating on the stock. Bitdeer Technologies Group traded as high as $22.60 and last traded at $22.44. 4,300,233 shares changed hands during mid-day trading, an increase of 45% from the average session volume of 2,966,461 shares. The stock had previously closed at $21.22.

Other analysts also recently issued reports about the stock. Rosenblatt Securities boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. HC Wainwright raised 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. Northland Securities upped their price target on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Benchmark raised their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. 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.com, Bitdeer Technologies Group currently has an average rating of “Buy” and an average target price of $18.60.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently made changes to their positions in BTDR. Public Employees Retirement System of Ohio acquired a new stake in Bitdeer Technologies Group in the 3rd quarter valued at approximately $66,000. Centiva Capital LP bought a new stake in shares of Bitdeer Technologies Group in the third quarter valued at approximately $91,000. Barclays PLC acquired a new stake in shares of Bitdeer Technologies Group in the third quarter worth $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Bitdeer Technologies Group during the third quarter worth $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Bitdeer Technologies Group during the 3rd quarter valued at $220,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Trading Down 8.6 %

The stock has a market capitalization of $2.17 billion, a P/E ratio of -37.31 and a beta of 2.27. The business’s fifty day simple moving average is $12.05 and its two-hundred day simple moving average is $9.61.

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.