Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 10.8% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares were up 10.8% during trading on Wednesday . The stock traded as high as $21.14 and last traded at $20.94. Approximately 4,301,956 shares changed hands during trading, an increase of 57% from the average daily volume of 2,736,764 shares. The stock had previously closed at $18.90.

Analyst Ratings Changes

BTDR has been the subject of several recent analyst reports. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. 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 note on Tuesday, November 19th. Finally, Northland Securities raised 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. Ten investment 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, the stock currently has an average rating of “Buy” and a consensus price target of $17.20.

Bitdeer Technologies Group Trading Down 3.8 %

The company has a market cap of $2.30 billion, a P/E ratio of -44.19 and a beta of 2.27. The business’s 50 day simple moving average is $10.92 and its 200 day simple moving average is $9.16.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in Bitdeer Technologies Group in the 3rd quarter worth $275,000. Barclays PLC purchased a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $161,000. Geode Capital Management LLC raised its stake in Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after purchasing an additional 46,968 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in Bitdeer Technologies Group by 96.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after purchasing an additional 21,798 shares during the period. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.