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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $19.40, but opened at $20.45. Bitdeer Technologies Group shares last traded at $19.89, with a volume of 2,012,335 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BTDR. Northland Securities raised their target price on Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Northland Capmk raised Bitdeer Technologies Group to a "strong-buy" rating in a research note on Wednesday, October 9th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a "buy" rating and a $14.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Performance

The business's fifty day moving average is $12.27 and its 200-day moving average is $9.67. The firm has a market cap of $2.03 billion, a P/E ratio of -34.88 and a beta of 2.27.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in shares of Bitdeer Technologies Group during the third quarter worth about $275,000. Barclays PLC bought a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Geode Capital Management LLC raised its holdings 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 purchasing an additional 46,968 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of Bitdeer Technologies Group by 96.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company's stock valued at $347,000 after purchasing an additional 21,798 shares during the last quarter. Institutional investors own 22.25% of the company's stock.

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.