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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Thursday after B. Riley raised their price target on the stock from $15.00 to $24.00. The stock had previously closed at $19.40, but opened at $20.45. B. Riley currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $19.89, with a volume of 2,012,335 shares trading hands.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. HC Wainwright raised their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Rosenblatt Securities boosted their price objective on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 6th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $19.80.

Institutional Inflows and Outflows

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

Bitdeer Technologies Group Trading Up 13.0 %

The firm has a 50 day moving average of $12.53 and a 200-day moving average of $9.77. The company has a market cap of $2.29 billion, a P/E ratio of -39.40 and a beta of 2.27.

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.