Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Monday . The stock had previously closed at $22.20, but opened at $24.30. Bitdeer Technologies Group shares last traded at $23.3980, with a volume of 2,526,823 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Cantor Fitzgerald upped their target price on Bitdeer Technologies Group from $30.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. BTIG Research upped their target price on Bitdeer Technologies Group from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Monday, October 20th. Finally, B. Riley restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group presently has an average rating of “Moderate Buy” and an average target price of $27.58.

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 stock has a market capitalization of $4.85 billion, a P/E ratio of -4.88 and a beta of 2.28. The firm has a 50-day moving average price of $18.18 and a 200 day moving average price of $14.66.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE boosted its holdings in Bitdeer Technologies Group by 67.5% during the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock valued at $72,753,000 after acquiring an additional 2,553,093 shares during the period. Geode Capital Management LLC boosted its holdings in Bitdeer Technologies Group by 197.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock valued at $18,280,000 after acquiring an additional 1,057,552 shares during the period. FengHe Fund Management Pte. Ltd. boosted its holdings in Bitdeer Technologies Group by 178.2% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock valued at $11,763,000 after acquiring an additional 853,300 shares during the period. Vident Advisory LLC boosted its holdings in Bitdeer Technologies Group by 13.2% during the 2nd quarter. Vident Advisory LLC now owns 775,776 shares of the company’s stock valued at $8,906,000 after acquiring an additional 90,762 shares during the period. Finally, Capital Fund Management S.A. purchased a new stake in Bitdeer Technologies Group during the 1st quarter valued at about $6,835,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.