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

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $19.93, but opened at $21.19. Bitdeer Technologies Group shares last traded at $20.93, with a volume of 2,534,109 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on BTDR. B. Riley decreased their target price on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Alliance Global Partners began coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Roth Mkm raised their price target on Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Finally, HC Wainwright increased their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $17.20.

Bitdeer Technologies Group Price Performance

The firm has a fifty day simple moving average of $11.19 and a 200 day simple moving average of $9.27. The company has a market cap of $2.34 billion, a price-to-earnings ratio of -40.23 and a beta of 2.27.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BTDR. Central Asset Investments & Management Holdings HK Ltd bought a new position in shares of Bitdeer Technologies Group in the second quarter worth about $272,000. Thomist Capital Management LP acquired a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $1,156,000. XTX Topco Ltd acquired a new position in shares of Bitdeer Technologies Group during the second quarter worth approximately $276,000. Symmetry Investments LP bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $432,000. Finally, D1 Capital Partners L.P. bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $5,386,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.