Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price gapped up before the market opened 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 traded.

Analysts Set New Price Targets

Several research analysts have commented on the company. Roth Mkm lifted their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, December 17th. 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. Benchmark increased 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 report on Monday, December 9th. HC Wainwright boosted 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 report on Tuesday, November 19th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research report on Monday. They set an "outperform" rating and a $26.50 price objective for the company. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group presently has an average rating of "Buy" and a consensus price target of $21.50.

Bitdeer Technologies Group Trading Up 7.3 %

The business has a 50-day moving average of $18.85 and a 200 day moving average of $11.86. The firm has a market capitalization of $1.87 billion, a P/E ratio of -32.06 and a beta of 2.09.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Baader Bank Aktiengesellschaft acquired a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at about $566,000. International Assets Investment Management LLC bought a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at about $308,000. Sanctuary Advisors LLC purchased a new position in Bitdeer Technologies Group during the third quarter worth about $275,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Finally, Geode Capital Management LLC grew its holdings in shares of Bitdeer Technologies Group by 14.6% in 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 in the last quarter. 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.