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

Key Points

• Bitdeer Technologies Group's stock price increased significantly after Roth Capital upgraded its price target from $18.00 to $40.00, moving the stock from a closing price of $17.96 to an opening price of $18.81.
• The company has received multiple positive ratings from analysts, with an overall average rating of "Buy" and an average price target of $22.55.
• Institutional investors have shown increased interest, with significant positions raised by major firms like Goldman Sachs and Deutsche Bank in the first quarter.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up before the market opened on Tuesday after Roth Capital raised their price target on the stock from $18.00 to $40.00. The stock had previously closed at $17.96, but opened at $18.81. Roth Capital currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $17.66, with a volume of 1,694,431 shares.

Several other research analysts have also commented on the company. HC Wainwright raised their price target on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. Cantor Fitzgerald reissued an "overweight" rating and set a $23.00 price target on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Wall Street Zen cut shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Rosenblatt Securities reiterated a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a report on Monday, September 15th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price objective on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Buy" and an average price target of $22.55.

Institutional Investors Weigh In On Bitdeer Technologies Group

Large investors have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its position in Bitdeer Technologies Group by 167.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company's stock valued at $4,265,000 after purchasing an additional 302,548 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Bitdeer Technologies Group in the 1st quarter valued at $227,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 last quarter. SG Americas Securities LLC acquired a new position in shares of Bitdeer Technologies Group during the first quarter worth about $505,000. Finally, Deutsche Bank AG lifted its position in Bitdeer Technologies Group by 198.3% in the first quarter. Deutsche Bank AG now owns 49,301 shares of the company's stock valued at $435,000 after purchasing an additional 32,776 shares during the period. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.84 and a current ratio of 1.03. The company has a 50-day simple moving average of $13.89 and a 200-day simple moving average of $12.27. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -3.76 and a beta of 2.23.

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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