Bitdeer Technologies Group (NASDAQ:BTDR) Sees Strong Trading Volume – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares saw an uptick in trading volume on Tuesday . 2,554,151 shares were traded during trading, an increase of 27% from the previous session’s volume of 2,011,121 shares.The stock last traded at $9.28 and had previously closed at $9.37.

Analysts Set New Price Targets

A number of research analysts have issued reports on BTDR shares. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Benchmark reaffirmed a “buy” rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, August 13th. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, B. Riley reduced their price target on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Trading Down 6.0 %

The firm has a market cap of $971.86 million, a PE ratio of -45.68 and a beta of 1.92. The company has a 50-day simple moving average of $7.26 and a 200 day simple moving average of $7.69.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The firm had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. On average, equities analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of BTDR. Vident Advisory LLC increased its stake in shares of Bitdeer Technologies Group by 186.4% in the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after purchasing an additional 565,362 shares in the last quarter. D1 Capital Partners L.P. acquired a new stake in Bitdeer Technologies Group in the second quarter valued at approximately $5,386,000. Marshall Wace LLP purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $5,074,000. Point72 Asset Management L.P. acquired a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at approximately $4,510,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.