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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Thursday . The stock had previously closed at $10.60, but opened at $11.30. Bitdeer Technologies Group shares last traded at $10.88, with a volume of 814,352 shares.

Analysts Set New Price Targets

Several research analysts have commented on BTDR shares. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Northland Securities assumed coverage on Bitdeer Technologies Group in a research report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. B. Riley dropped their price target on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, Benchmark restated a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, August 13th. Ten equities 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.com, Bitdeer Technologies Group has an average rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.24 billion, a P/E ratio of -58.37 and a beta of 1.92. The stock has a 50-day moving average of $7.92 and a two-hundred day moving average of $7.95.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently made changes to their positions in the business. Vident Advisory LLC raised its holdings in Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after buying an additional 565,362 shares during the last quarter. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group in the third quarter worth approximately $5,872,000. D1 Capital Partners L.P. purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at $5,386,000. Marshall Wace LLP bought a new position in Bitdeer Technologies Group during the second quarter valued at approximately $5,074,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at $4,617,000. 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.