Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up Following Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price gapped up before the market opened on Friday after Cantor Fitzgerald raised their price target on the stock from $21.00 to $23.00. The stock had previously closed at $13.17, but opened at $13.91. Cantor Fitzgerald currently has an overweight rating on the stock. Bitdeer Technologies Group shares last traded at $13.61, with a volume of 854,333 shares changing hands.

Other equities research analysts also recently issued reports about the company. Benchmark reiterated a "buy" rating and issued a $24.00 target price on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Needham & Company LLC upped their target price on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, May 16th. B. Riley upped their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Wall Street Zen raised Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $21.00.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth about $42,000. Stonebridge Financial Group LLC grew its position in Bitdeer Technologies Group by 33.3% during the 1st quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN grew its position in Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after purchasing an additional 1,540 shares during the period. Quantbot Technologies LP acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth about $116,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Bitdeer Technologies Group during the 1st quarter worth about $55,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Up 0.5%

The firm has a 50-day simple moving average of $13.08 and a two-hundred day simple moving average of $13.68. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -3.25 and a beta of 2.22.

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.