Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 6.9% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) rose 6.9% on Monday . The company traded as high as $10.78 and last traded at $10.70. Approximately 511,012 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 4,110,868 shares. The stock had previously closed at $10.01.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BTDR shares. Rosenblatt Securities decreased their price target on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Needham & Company LLC dropped their target price on shares of Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Keefe, Bruyette & Woods started coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 price target on the stock. Northland Securities lifted their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, HC Wainwright restated a “buy” rating and set a $21.00 price target (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Stock Performance

The company’s 50 day simple moving average is $14.61 and its 200-day simple moving average is $13.37. The firm has a market capitalization of $1.23 billion, a PE ratio of -21.13 and a beta of 2.12.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in Bitdeer Technologies Group by 281.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after buying an additional 182,110 shares in the last quarter. FengHe Fund Management Pte. Ltd. bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at about $10,378,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group during the third quarter worth about $161,000. Geode Capital Management LLC increased its position in shares of Bitdeer Technologies Group by 14.6% in the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after purchasing an additional 46,968 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $220,000. 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.