Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 6% - Here's What Happened

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price shot up 6% on Monday . The stock traded as high as $8.05 and last traded at $8.08. 402,426 shares changed hands during trading, a decline of 91% from the average session volume of 4,409,466 shares. The stock had previously closed at $7.62.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on BTDR shares. Keefe, Bruyette & Woods assumed coverage on Bitdeer Technologies Group in a research note on Monday, January 27th. They set an "outperform" rating and a $26.50 price objective on the stock. Needham & Company LLC dropped their price target on shares of Bitdeer Technologies Group from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday. Roth Mkm reissued a "buy" rating and issued a $23.50 price objective (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. HC Wainwright reaffirmed a "buy" rating and issued a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Finally, Benchmark cut their target price on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Ten 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, the company has an average rating of "Buy" and a consensus target price of $19.50.

Bitdeer Technologies Group Stock Performance

The company's fifty day simple moving average is $9.98 and its two-hundred day simple moving average is $13.48. The stock has a market capitalization of $1.17 billion, a P/E ratio of -19.95 and a beta of 2.25.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at $42,000. Stonebridge Financial Group LLC acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at about $65,000. SBI Securities Co. Ltd. acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at about $79,000. Wells Fargo & Company MN increased its position in Bitdeer Technologies Group by 56.4% during the fourth quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after acquiring an additional 1,540 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in Bitdeer Technologies Group in the 4th quarter worth about $116,000. 22.25% of the stock is 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.