Bitdeer Technologies Group (NASDAQ:BTDR) Trading 7.9% Higher - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares shot up 7.9% during mid-day trading on Friday . The company traded as high as $21.14 and last traded at $21.31. 3,433,946 shares were traded during trading, a decline of 56% from the average session volume of 7,862,513 shares. The stock had previously closed at $19.75.

Analyst Ratings Changes

BTDR has been the topic of several research analyst reports. Northland Securities boosted their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an "outperform" rating in a report on Friday, January 10th. Needham & Company LLC increased their price objective on shares of Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a "buy" rating in a report on Monday, January 13th. 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. Rosenblatt Securities reiterated a "buy" rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a research report on Monday, January 13th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $21.00.

Bitdeer Technologies Group Stock Performance

The stock has a fifty day moving average price of $18.78 and a 200 day moving average price of $11.82. The stock has a market cap of $2.31 billion, a PE ratio of -39.73 and a beta of 2.09.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BTDR. Baader Bank Aktiengesellschaft purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $566,000. International Assets Investment Management LLC bought a new position in Bitdeer Technologies Group in the 4th quarter valued at $308,000. Sanctuary Advisors LLC purchased a new stake in Bitdeer Technologies Group in the third quarter worth $275,000. Barclays PLC bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth $161,000. Finally, Geode Capital Management LLC boosted its stake in shares of Bitdeer Technologies Group by 14.6% during the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company's stock valued at $2,886,000 after purchasing an additional 46,968 shares during the period. 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.