Bitdeer Technologies Group (NASDAQ:BTDR) Sees Strong Trading Volume - Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) saw an uptick in trading volume on Tuesday . 2,683,535 shares were traded during 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

BTDR has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. B. Riley lowered 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 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. Rosenblatt Securities reiterated a "buy" rating and set a $9.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. Finally, HC Wainwright decreased their target price on Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $13.70.

Bitdeer Technologies Group Stock Up 9.5 %

The firm has a market cap of $874.49 million, a price-to-earnings ratio of -41.16 and a beta of 1.92. The business's 50-day simple moving average is $7.28 and its two-hundred day simple moving average is $7.75.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.06). The business had revenue of $99.23 million during 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 expect that Bitdeer Technologies Group will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently bought and sold shares of the company. Vident Advisory LLC boosted its stake in Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company's stock worth $6,098,000 after purchasing an additional 565,362 shares during the last quarter. Virtu Financial LLC purchased a new stake in Bitdeer Technologies Group during the 1st quarter valued at about $431,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Bitdeer Technologies Group during the 2nd quarter valued at about $272,000. Thomist Capital Management LP acquired a new stake in Bitdeer Technologies Group in the 2nd quarter valued at about $1,156,000. Finally, XTX Topco Ltd purchased a new position in Bitdeer Technologies Group in the 2nd quarter worth approximately $276,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.