Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 7.5% - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares shot up 7.5% during mid-day trading on Friday . The company traded as high as $13.56 and last traded at $13.58. 704,150 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 4,985,617 shares. The stock had previously closed at $12.63.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BTDR. Rosenblatt Securities raised their target price on Bitdeer Technologies Group from $12.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. HC Wainwright reaffirmed a "buy" rating and set a $21.00 target price (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Roth Mkm restated a "buy" rating and set a $23.50 price target (down from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Wall Street Zen raised shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, 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. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $19.60.

Bitdeer Technologies Group Stock Up 10.4%

The company's 50-day simple moving average is $11.14 and its 200 day simple moving average is $14.38. The company has a market capitalization of $1.56 billion, a P/E ratio of -26.84 and a beta of 2.32.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the business. Quarry LP acquired a new position in Bitdeer Technologies Group during the fourth quarter worth $42,000. Stonebridge Financial Group LLC acquired a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at about $65,000. SBI Securities Co. Ltd. bought a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $79,000. Wells Fargo & Company MN raised its stake in shares of Bitdeer Technologies Group by 56.4% in the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock valued at $93,000 after acquiring an additional 1,540 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Bitdeer Technologies Group in the 4th quarter worth approximately $116,000. Institutional investors and hedge funds own 22.25% of the company's stock.

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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