Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 11.8% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shot up 11.8% during mid-day trading on Thursday . The stock traded as high as $25.18 and last traded at $24.22. 3,491,817 shares changed hands during trading, an increase of 11% from the average session volume of 3,140,711 shares. The stock had previously closed at $21.67.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BTDR. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Northland Securities lifted their price target on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. HC Wainwright increased their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Benchmark boosted 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, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $19.80.

Bitdeer Technologies Group Trading Up 9.5 %

The firm has a 50-day moving average of $14.85 and a 200-day moving average of $10.60. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -45.61 and a beta of 2.27.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $275,000. Barclays PLC acquired a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $161,000. Geode Capital Management LLC raised its holdings in Bitdeer Technologies Group by 14.6% in the 3rd 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 period. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group during the third quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Bitdeer Technologies Group by 96.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after buying an additional 21,798 shares in the last quarter. 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.