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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-strong trading volume on Monday . Approximately 3,066,821 shares traded hands during mid-day trading, an increase of 7% from the previous session’s volume of 2,853,622 shares.The stock last traded at $23.05 and had previously closed at $20.92.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BTDR shares. Roth Mkm lifted their price objective on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. Rosenblatt Securities boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. HC Wainwright boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Northland Securities boosted their target price on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $17.20.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -44.88 and a beta of 2.27. The firm’s fifty day moving average is $11.19 and its 200-day moving average is $9.31.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $66,000. Centiva Capital LP bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $91,000. Barclays PLC bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $169,000. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Bitdeer Technologies Group by 96.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after acquiring an additional 21,798 shares in the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.