Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 11.8% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) traded up 11.8% during trading on Thursday . The company 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.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Northland Securities boosted their price objective on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Benchmark lifted their target price on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Rosenblatt Securities upped their target price on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. 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 stock has an average rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Up 9.5 %

The business’s fifty day moving average is $14.85 and its 200-day moving average is $10.60. The company has a market cap of $2.66 billion, a PE ratio of -45.61 and a beta of 2.27.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Mirabella Financial Services LLP bought a new stake in Bitdeer Technologies Group during the third quarter valued at about $5,872,000. D1 Capital Partners L.P. purchased a new stake in Bitdeer Technologies Group in the 2nd quarter worth $5,386,000. Marshall Wace LLP purchased a new position in shares of Bitdeer Technologies Group during the second quarter valued at about $5,074,000. Point72 Asset Management L.P. bought a new stake in shares of Bitdeer Technologies Group in the second quarter worth about $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Bitdeer Technologies Group in the second quarter worth about $4,510,000. Institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

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.