Bitdeer Technologies Group (NASDAQ:BTDR) Sees Large Volume Increase

Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-high trading volume on Friday . Approximately 608,703 shares changed hands during mid-day trading, a decline of 63% from the previous session’s volume of 1,662,287 shares.The stock last traded at $11.28 and had previously closed at $11.83.

Wall Street Analyst Weigh In

BTDR has been the topic of a number of recent research reports. BTIG Research initiated coverage on Bitdeer Technologies Group in a research note on Wednesday, March 13th. They issued a “buy” rating and a $15.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Wednesday, May 15th. Roth Mkm reaffirmed a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, June 11th. Finally, B. Riley began coverage on Bitdeer Technologies Group in a research note on Tuesday, March 12th. They issued a “buy” rating and a $9.00 target price on the stock. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $13.56.

Bitdeer Technologies Group Stock Performance

The company has a fifty day simple moving average of $7.40 and a two-hundred day simple moving average of $7.44. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -26.93 and a beta of 1.96.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data on Monday, May 13th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Bitdeer Technologies Group had a negative return on equity of 3.98% and a negative net margin of 11.21%. The firm had revenue of $119.51 million for the quarter, compared to analyst estimates of $119.12 million. As a group, analysts expect that Bitdeer Technologies Group will post -0.01 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently modified their holdings of the company. Vontobel Holding Ltd. purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth about $240,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Bitdeer Technologies Group by 149.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,901 shares of the company’s stock worth $384,000 after buying an additional 23,310 shares during the period. Virtu Financial LLC acquired a new stake in shares of Bitdeer Technologies Group in the first quarter worth $431,000. CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at $1,199,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Bitdeer Technologies Group by 83.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 533,975 shares of the company’s stock valued at $5,265,000 after acquiring an additional 243,245 shares in the last quarter. 22.25% of the stock is currently 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.