Bitdeer Technologies Group (NASDAQ:BTDR) Reaches New 52-Week High - Here's Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $26.99 and last traded at $26.41, with a volume of 1804400 shares changing hands. The stock had previously closed at $26.10.

Wall Street Analysts Forecast Growth

BTDR has been the topic of a number of recent research reports. Alliance Global Partners assumed coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a "buy" rating and a $14.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Benchmark lifted their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Northland Capmk upgraded shares of Bitdeer Technologies Group to a "strong-buy" rating in a research note on Wednesday, October 9th. Finally, HC Wainwright lifted their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Bitdeer Technologies Group presently has an average rating of "Buy" and a consensus target price of $19.80.

Bitdeer Technologies Group Stock Down 10.8 %

The company has a market cap of $2.61 billion, a price-to-earnings ratio of -44.77 and a beta of 2.09. The business's fifty day simple moving average is $15.53 and its two-hundred day simple moving average is $10.83.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new position in shares of Bitdeer Technologies Group during the third quarter worth about $275,000. Barclays PLC purchased a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Geode Capital Management LLC grew its stake in Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company's stock worth $2,886,000 after buying an additional 46,968 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group during the third quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd lifted its stake in Bitdeer Technologies Group by 96.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company's stock valued at $347,000 after buying an additional 21,798 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.