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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up prior to trading 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 traded.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BTDR. Charles Schwab Investment Management Inc. lifted its stake in shares of Bitdeer Technologies Group by 49.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 368,778 shares of the company's stock valued at $7,991,000 after buying an additional 121,944 shares during the period. Chesapeake Capital Corp IL bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $289,000. Trivest Advisors Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $48,481,000. Teacher Retirement System of Texas bought a new stake in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $331,000. Finally, Sciencast Management LP acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $281,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Price Performance

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -3.31 and a beta of 2.22. The business has a 50 day moving average of $13.19 and a 200 day moving average of $13.39.

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.