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

Bitdeer Technologies Group (NASDAQ:BTDR) saw strong trading volume on Friday . 5,283,339 shares traded hands during mid-day 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

A number of research firms recently issued reports on BTDR. Roth Mkm raised their price target on Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Rosenblatt Securities raised their target price on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. HC Wainwright increased their price target 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 lifted their price objective on shares of Bitdeer Technologies Group from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.29 billion, a PE ratio of -22.19 and a beta of 1.92. The stock’s 50-day simple moving average is $8.44 and its 200 day simple moving average is $8.17.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC acquired a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Geode Capital Management LLC lifted its holdings in shares of Bitdeer Technologies Group by 14.6% in the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after buying an additional 46,968 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Bitdeer Technologies Group in the third quarter valued at approximately $66,000. Y Intercept Hong Kong Ltd grew its holdings in 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 during the period. Finally, State Street Corp purchased a new position in Bitdeer Technologies Group in the third quarter worth $1,510,000. 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.