Bitdeer Technologies Group (NASDAQ:BTDR) Sees Unusually-High Trading Volume – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-strong trading volume on Tuesday . Approximately 2,683,535 shares changed hands 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.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BTDR shares. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. HC Wainwright dropped their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Benchmark reaffirmed a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Northland Securities began coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price objective for the company. Finally, Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Performance

The firm’s 50 day moving average is $7.29 and its two-hundred day moving average is $7.76. The stock has a market capitalization of $952.83 million, a PE ratio of -44.79 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data 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 return on equity of 2.56% and a negative net margin of 5.69%. The firm had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $110.79 million. On average, analysts anticipate that Bitdeer Technologies Group will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Bitdeer Technologies Group in the second quarter valued at approximately $272,000. XTX Topco Ltd acquired a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at $276,000. Symmetry Investments LP acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at $432,000. Virtu Financial LLC acquired a new position in Bitdeer Technologies Group in the 1st quarter valued at $431,000. Finally, Thomist Capital Management LP acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at $1,156,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.