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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened 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.

Several other equities analysts have also weighed in on BTDR. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Bitdeer Technologies Group in a report on Monday. B. Riley lifted their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. HC Wainwright lifted their price target 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, November 19th. Finally, Benchmark boosted their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Ten 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 stock currently has a consensus rating of “Buy” and an average price target of $21.00.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the company. Mirabella Financial Services LLP acquired a new position in Bitdeer Technologies Group in the third quarter valued at $5,872,000. D1 Capital Partners L.P. purchased a new position in Bitdeer Technologies Group during the second quarter worth about $5,386,000. Marshall Wace LLP purchased a new position in Bitdeer Technologies Group in the second quarter valued at about $5,074,000. Point72 Asset Management L.P. purchased a new position in Bitdeer Technologies Group in the second quarter valued at about $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new position in Bitdeer Technologies Group in the second quarter valued at about $4,510,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Price Performance

The firm’s 50-day moving average price is $17.07 and its 200 day moving average price is $11.30. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -40.08 and a beta of 2.09.

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.