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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BTDR. Needham & Company LLC upped their price target on shares of Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a report on Monday, January 13th. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Rosenblatt Securities restated a “buy” rating and set a $22.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, January 13th. Keefe, Bruyette & Woods initiated coverage on Bitdeer Technologies Group in a report on Monday. They set an “outperform” rating and a $26.50 price objective on the stock. Finally, Northland Securities upped their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $21.50.

Bitdeer Technologies Group Trading Up 5.1 %

The stock has a market capitalization of $1.83 billion, a P/E ratio of -31.47 and a beta of 2.09. The company has a fifty day simple moving average of $18.85 and a two-hundred day simple moving average of $11.86.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTDR. Marshall Wace LLP acquired a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,074,000. Millennium Management LLC raised its stake in shares of Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,617,000. Shariaportfolio Inc. bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $1,039,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bitdeer Technologies Group by 281.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after purchasing an additional 182,110 shares in the last quarter. 22.25% of the stock is owned by institutional investors.

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.