Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 10.8% - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price was up 10.8% during mid-day trading on Thursday . The company traded as high as $11.85 and last traded at $11.36. Approximately 2,224,937 shares traded hands during trading, a decline of 69% from the average daily volume of 7,102,242 shares. The stock had previously closed at $10.25.

Wall Street Analysts Forecast Growth

Several research firms have commented on BTDR. B. Riley raised their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Northland Securities boosted their price objective on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. Roth Mkm reaffirmed a "buy" rating and issued a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Benchmark lowered their price target on Bitdeer Technologies Group from $29.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Finally, Needham & Company LLC dropped their price objective on Bitdeer Technologies Group from $22.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $21.18.

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Bitdeer Technologies Group Price Performance

The company has a fifty day moving average price of $18.11 and a two-hundred day moving average price of $12.92. The company has a market capitalization of $1.27 billion, a P/E ratio of -21.77 and a beta of 2.04.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently added to or reduced their stakes in BTDR. Yong Rong HK Asset Management Ltd acquired a new position in shares of Bitdeer Technologies Group during the fourth quarter worth $65,010,000. Trivest Advisors Ltd acquired a new position in Bitdeer Technologies Group during the 4th quarter worth about $48,481,000. Van ECK Associates Corp acquired a new position in Bitdeer Technologies Group during the 4th quarter worth about $29,125,000. Renaissance Technologies LLC grew its position in shares of Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company's stock valued at $26,876,000 after buying an additional 1,206,361 shares during the last quarter. Finally, Vident Advisory LLC increased its stake in shares of Bitdeer Technologies Group by 29.7% in the fourth quarter. Vident Advisory LLC now owns 1,139,619 shares of the company's stock valued at $24,696,000 after buying an additional 260,649 shares during the period. 22.25% of the stock is owned by institutional investors.

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.