Bitdeer Technologies Group (NASDAQ:BTDR) Sees Large Volume Increase – Still a Buy?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw an uptick in trading volume on Monday . 2,718,158 shares were traded 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.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Northland Securities began coverage on Bitdeer Technologies Group in a research note on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price target on the stock. HC Wainwright lowered 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. Finally, Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price on the stock. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Performance

The firm has a 50-day simple moving average of $7.62 and a two-hundred day simple moving average of $7.87.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The firm had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. Equities analysts anticipate that Bitdeer Technologies Group will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.