Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 12-Month High Following Analyst Upgrade

Key Points

• Bitdeer Technologies Group shares reached a new 52-week high after Cantor Fitzgerald raised their price target for the stock from $30.00 to $50.00, indicating strong market confidence.
• Twelve investment analysts have rated Bitdeer Technologies with a Buy rating, with an average price target of $26.50, showcasing overall positive market sentiment.
• Institutional investment in Bitdeer has increased significantly, with holdings rising by over 68% from key hedge funds in the second quarter, reflecting growing interest in the company's prospects.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $30.00 to $50.00. Cantor Fitzgerald currently has an overweight rating on the stock. Bitdeer Technologies Group traded as high as $27.80 and last traded at $25.27, with a volume of 9981688 shares. The stock had previously closed at $20.12.

Several other analysts have also weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price objective on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Wall Street Zen cut shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Roth Capital reissued a "buy" rating and set a $40.00 price target on shares of Bitdeer Technologies Group in a research note on Wednesday. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Finally, HC Wainwright increased their price target on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Twelve investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Moderate Buy" and an average price target of $26.50.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its stake in Bitdeer Technologies Group by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company's stock valued at $30,000 after acquiring an additional 1,044 shares during the last quarter. Stonebridge Financial Group LLC boosted its stake in Bitdeer Technologies Group by 33.3% in the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock valued at $35,000 after acquiring an additional 1,000 shares during the last quarter. Amalgamated Bank acquired a new stake in Bitdeer Technologies Group in the second quarter worth $35,000. Caitong International Asset Management Co. Ltd acquired a new stake in Bitdeer Technologies Group in the first quarter worth $55,000. Finally, Tower Research Capital LLC TRC raised its holdings in Bitdeer Technologies Group by 7,157.0% in the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock worth $83,000 after purchasing an additional 7,157 shares during the period. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Trading Up 22.0%

The company's fifty day simple moving average is $15.47 and its two-hundred day simple moving average is $13.17. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of -5.33 and a beta of 2.25.

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.

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