Bitdeer Technologies Group (NASDAQ:BTDR) Trading 8.1% Higher - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was up 8.1% during trading on Wednesday . The stock traded as high as $12.28 and last traded at $12.22. Approximately 1,998,704 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 5,136,159 shares. The stock had previously closed at $11.30.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BTDR shares. Benchmark restated a "buy" rating and issued a $24.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, May 12th. Needham & Company LLC raised their target price on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, May 16th. B. Riley boosted their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Finally, Wall Street Zen raised Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. One 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $20.10.

Bitdeer Technologies Group Price Performance

The company has a fifty day moving average price of $12.83 and a two-hundred day moving average price of $13.86. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -3.38 and a beta of 2.22.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $42,000. SBI Securities Co. Ltd. acquired a new position in Bitdeer Technologies Group in the fourth quarter worth approximately $79,000. Stonebridge Financial Group LLC increased its holdings in shares of 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 buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Bitdeer Technologies Group by 56.4% during 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 during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth $116,000. Institutional investors 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.