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

Bitdeer Technologies Group (NASDAQ:BTDR) shares saw unusually-high trading volume on Tuesday . Approximately 2,683,535 shares were traded 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.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BTDR. Rosenblatt Securities reaffirmed a “buy” rating and set a $9.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. B. Riley cut their target price 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. Alliance Global Partners started coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. 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 stock currently has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Price Performance

The company has a market cap of $859.93 million, a price-to-earnings ratio of -40.00 and a beta of 1.92. The stock has a 50-day moving average price of $7.28 and a 200 day moving average price of $7.75.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The firm had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Sell-side analysts expect that Bitdeer Technologies Group will post -0.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Shariaportfolio Inc. bought a new position in shares of Bitdeer Technologies Group during the third quarter worth approximately $1,039,000. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,617,000. Millennium Management LLC lifted its holdings in shares of Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after buying an additional 369,363 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $4,510,000. Finally, Marshall Wace LLP acquired a new position in shares of Bitdeer Technologies Group in the second quarter valued at about $5,074,000. Institutional investors own 22.25% of the company’s stock.

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.