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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Tuesday . The stock had previously closed at $15.54, but opened at $16.40. Bitdeer Technologies Group shares last traded at $16.64, with a volume of 927,805 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BTDR shares. Roth Mkm upped their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a report on Monday, January 13th. Northland Securities lifted their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, Benchmark increased their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a report on Monday, December 9th. Eleven research 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, the stock currently has an average rating of “Buy” and a consensus target price of $21.50.

Bitdeer Technologies Group Trading Up 2.7 %

The stock’s 50 day moving average is $19.06 and its 200 day moving average is $11.94. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -32.92 and a beta of 2.09.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Bitdeer Technologies Group by 281.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after acquiring an additional 182,110 shares during the last quarter. Millennium Management LLC lifted its holdings in Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $220,000. Finally, Geode Capital Management LLC lifted its stake in shares of Bitdeer Technologies Group by 14.6% during the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after buying an additional 46,968 shares during the period. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.