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

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

Wall Street Analyst Weigh In

BTDR has been the subject of several recent research reports. B. Riley raised their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Roth Mkm raised their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target for the company. Finally, HC Wainwright raised their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Price Performance

The stock has a 50-day moving average price of $17.31 and a 200 day moving average price of $11.37.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in BTDR. International Assets Investment Management LLC purchased a new stake in Bitdeer Technologies Group during the fourth quarter valued at about $308,000. Sanctuary Advisors LLC purchased a new stake in Bitdeer Technologies Group during the third quarter valued at about $275,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group during the third quarter valued at about $161,000. Geode Capital Management LLC grew its position in 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 acquiring an additional 46,968 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in Bitdeer Technologies Group during the third quarter valued at about $66,000. 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.