Bitdeer Technologies Group (NASDAQ:BTDR) Trading 9.5% Higher – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price rose 9.5% during trading on Wednesday . The stock traded as high as $20.90 and last traded at $20.84. Approximately 3,172,951 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 7,697,951 shares. The stock had previously closed at $19.04.

Analyst Upgrades and Downgrades

Several research firms recently commented on BTDR. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price target on shares of Bitdeer Technologies Group in a research note on Monday. HC Wainwright increased their target price 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Benchmark upped their price objective on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Needham & Company LLC raised their target price on shares of Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a report on Monday. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Price Performance

The firm has a 50-day simple moving average of $17.07 and a 200 day simple moving average of $11.30. The stock has a market capitalization of $2.31 billion, a P/E ratio of -39.63 and a beta of 2.09.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BTDR. Mirabella Financial Services LLP acquired a new position in Bitdeer Technologies Group in the 3rd quarter valued at approximately $5,872,000. D1 Capital Partners L.P. bought a new stake in shares of Bitdeer Technologies Group in the second quarter worth $5,386,000. Marshall Wace LLP acquired a new stake in Bitdeer Technologies Group in the second quarter valued at $5,074,000. Point72 Asset Management L.P. acquired a new stake in Bitdeer Technologies Group in the second quarter valued at $4,617,000. Finally, Point72 Hong Kong Ltd bought a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,510,000. 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.