Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 6.9% – Here’s What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) rose 6.9% during trading on Monday . The company traded as high as $10.78 and last traded at $10.70. Approximately 511,012 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 4,110,868 shares. The stock had previously closed at $10.01.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Northland Securities boosted their price target on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Benchmark decreased their price objective on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 price target on the stock. Rosenblatt Securities cut their price target on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a report on Monday, March 17th. Finally, Needham & Company LLC reduced their target price on shares of Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Ten equities research 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.com, the stock has a consensus rating of “Buy” and a consensus target price of $21.00.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.27 billion, a price-to-earnings ratio of -21.81 and a beta of 2.12. The business’s 50 day simple moving average is $14.88 and its 200-day simple moving average is $13.29.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $566,000. Public Employees Retirement System of Ohio boosted its stake in Bitdeer Technologies Group by 14.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company’s stock worth $208,000 after buying an additional 1,200 shares in the last quarter. Two Seas Capital LP bought a new stake in Bitdeer Technologies Group in the fourth quarter valued at about $9,384,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Bitdeer Technologies Group by 118.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,254 shares of the company’s stock worth $1,327,000 after buying an additional 33,182 shares during the period. Finally, Voloridge Investment Management LLC bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth about $16,834,000. 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.