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

Bitdeer Technologies Group (NASDAQ:BTDR) shares saw unusually-strong trading volume on Thursday . Approximately 3,563,943 shares traded hands during mid-day trading, an increase of 106% from the previous session’s volume of 1,728,287 shares.The stock last traded at $10.27 and had previously closed at $10.91.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BTDR shares. Cantor Fitzgerald upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, June 12th. Benchmark reissued a “buy” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, April 15th. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, June 11th. Rosenblatt Securities initiated coverage on Bitdeer Technologies Group in a report on Tuesday, April 9th. They issued a “buy” rating and a $10.50 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Wednesday, May 15th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $13.56.

Bitdeer Technologies Group Price Performance

The company has a market capitalization of $1.14 billion, a P/E ratio of -25.34 and a beta of 1.96. The company has a fifty day moving average price of $7.86 and a 200 day moving average price of $7.51.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, May 13th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.07). The company had revenue of $119.51 million for the quarter, compared to the consensus estimate of $119.12 million. Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. On average, equities research analysts predict that Bitdeer Technologies Group will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. bought a new position in Bitdeer Technologies Group in the 4th quarter worth approximately $240,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Bitdeer Technologies Group by 149.5% in the 4th 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 in the last quarter. Virtu Financial LLC bought a new position in Bitdeer Technologies Group in the 1st quarter worth approximately $431,000. CloudAlpha Capital Management Limited Hong Kong bought a new position in Bitdeer Technologies Group in the 4th quarter worth approximately $1,199,000. Finally, Exchange Traded Concepts LLC grew its holdings in Bitdeer Technologies Group by 83.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 533,975 shares of the company’s stock worth $5,265,000 after buying an additional 243,245 shares in the last quarter. 22.25% of the stock is owned by 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.