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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 2,718,158 shares traded hands during mid-day trading, an increase of 31% from the previous session's volume of 2,077,905 shares.The stock last traded at $10.67 and had previously closed at $8.96.

Analyst Upgrades and Downgrades

BTDR has been the subject of several research reports. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a "buy" rating and a $14.00 price target for the company. B. Riley reduced their target price 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. Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. Rosenblatt Securities reiterated a "buy" rating and set a $9.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. Finally, HC Wainwright cut their price objective on Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 13th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $13.70.

Bitdeer Technologies Group Stock Up 24.3 %

The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -56.68 and a beta of 1.92. The business's fifty day moving average is $7.42 and its two-hundred day moving average is $7.81.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its 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). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The company had revenue of $99.23 million during the quarter, compared to analysts' expectations of $110.79 million. As a group, sell-side analysts expect that Bitdeer Technologies Group will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds have recently bought and sold shares of the stock. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Bitdeer Technologies Group during the second quarter worth approximately $272,000. XTX Topco Ltd purchased a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $276,000. Virtu Financial LLC acquired a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at $431,000. Symmetry Investments LP acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at $432,000. Finally, Shariaportfolio Inc. purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth $1,039,000. Institutional investors and hedge funds 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.

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