Bitdeer Technologies Group (NASDAQ:BTDR) Sees Strong Trading Volume – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-high trading volume on Friday . Approximately 5,283,339 shares changed hands during trading, an increase of 128% from the previous session’s volume of 2,321,568 shares.The stock last traded at $11.39 and had previously closed at $11.19.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BTDR. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Northland Securities boosted their price target on Bitdeer Technologies Group from $13.00 to $14.00 and gave the stock an “outperform” rating in a research report on Tuesday. HC Wainwright raised their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Stock Down 2.4 %

The company has a market capitalization of $1.22 billion, a PE ratio of -21.52 and a beta of 1.92. The firm has a 50-day moving average of $8.35 and a two-hundred day moving average of $8.11.

Institutional Trading of Bitdeer Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirabella Financial Services LLP acquired a new position in Bitdeer Technologies Group during the 3rd quarter worth about $5,872,000. D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group in the second quarter valued at approximately $5,386,000. Marshall Wace LLP acquired a new position in shares of Bitdeer Technologies Group in the second quarter valued at approximately $5,074,000. Point72 Asset Management L.P. purchased a new stake in Bitdeer Technologies Group during the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $4,510,000. 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.