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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Tuesday after Needham & Company LLC raised their price target on the stock from $14.00 to $22.00. The stock had previously closed at $17.11, but opened at $18.31. Needham & Company LLC currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $18.41, with a volume of 1,736,382 shares trading hands.

A number of other equities research analysts have also issued reports on the company. Roth Mkm raised their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. B. Riley lifted their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Alliance Global Partners assumed coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Benchmark lifted their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Northland Securities lifted their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Inflows and Outflows

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

Bitdeer Technologies Group Stock Performance

The company has a 50 day moving average of $16.84 and a two-hundred day moving average of $11.24. The stock has a market capitalization of $2.06 billion, a PE ratio of -35.40 and a beta of 2.09.

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.