Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 16% – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were up 16% during trading on Wednesday . The stock traded as high as $17.30 and last traded at $17.15. Approximately 4,175,705 shares traded hands during trading, an increase of 67% from the average daily volume of 2,499,481 shares. The stock had previously closed at $14.79.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BTDR shares. Rosenblatt Securities increased their target price on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. HC Wainwright raised their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 price objective for the company. B. Riley decreased their target price on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Finally, Roth Mkm increased their price target on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and a consensus target price of $14.80.

Bitdeer Technologies Group Trading Up 11.6 %

The business’s 50 day moving average price is $9.27 and its two-hundred day moving average price is $8.55. The stock has a market cap of $1.85 billion, a P/E ratio of -30.94 and a beta of 2.27.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of large investors have recently modified their holdings of BTDR. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $66,000. Centiva Capital LP bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $91,000. Barclays PLC bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Bitdeer Technologies Group during the third quarter worth about $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Bitdeer Technologies Group during the third quarter worth about $220,000. Institutional investors 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.