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

Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-high trading volume on Monday . Approximately 2,718,158 shares changed hands during 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.

Wall Street Analyst Weigh In

Several analysts have commented on BTDR shares. B. Riley cut their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. HC Wainwright cut their target price on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Benchmark reiterated a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Finally, Alliance Global Partners started coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. 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 currently has an average rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Stock Performance

The business’s 50 day moving average is $7.62 and its two-hundred day moving average is $7.87.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced 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). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The business had revenue of $99.23 million during the quarter, compared to analysts’ expectations of $110.79 million. As a group, research analysts expect that Bitdeer Technologies Group will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of BTDR. Vident Advisory LLC grew its stake in Bitdeer Technologies Group by 186.4% during the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after acquiring an additional 565,362 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Bitdeer Technologies Group in the first quarter worth about $431,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Bitdeer Technologies Group in the 2nd quarter worth approximately $272,000. Thomist Capital Management LP purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $1,156,000. Finally, XTX Topco Ltd bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at approximately $276,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.