Bitdeer Technologies Group (NASDAQ:BTDR) Sees Unusually-High Trading Volume – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares saw an uptick in trading volume on Tuesday . 2,683,535 shares traded hands during mid-day trading, an increase of 31% from the previous session’s volume of 2,041,115 shares.The stock last traded at $7.39 and had previously closed at $7.13.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BTDR shares. Rosenblatt Securities reissued a “buy” rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. HC Wainwright lowered their target price on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. B. Riley cut their price target on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Benchmark reiterated a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Finally, Northland Securities assumed coverage on Bitdeer Technologies Group in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $13.00 target price on the stock. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $13.70.

Bitdeer Technologies Group Price Performance

The stock has a market capitalization of $952.83 million, a PE ratio of -44.79 and a beta of 1.92. The stock’s fifty day moving average is $7.29 and its 200-day moving average is $7.76.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The business had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. On average, analysts forecast that Bitdeer Technologies Group will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd purchased a new position in Bitdeer Technologies Group in the 2nd quarter valued at about $272,000. XTX Topco Ltd acquired a new stake in shares of Bitdeer Technologies Group in the second quarter worth approximately $276,000. Symmetry Investments LP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter worth approximately $432,000. Virtu Financial LLC purchased a new stake in shares of Bitdeer Technologies Group during the first quarter worth approximately $431,000. Finally, Thomist Capital Management LP purchased a new position in Bitdeer Technologies Group in the 2nd quarter valued at $1,156,000. 22.25% of the stock is 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.