Bitdeer Technologies Group (NASDAQ:BTDR) Sees Large Volume Increase – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-strong trading volume on Tuesday . Approximately 3,003,642 shares changed hands during trading, a decline of 2% from the previous session’s volume of 3,051,298 shares.The stock last traded at $22.31 and had previously closed at $20.52.

Wall Street Analysts Forecast Growth

BTDR has been the topic of several research analyst reports. HC Wainwright upped their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price objective for the company. Benchmark lifted their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. 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, Bitdeer Technologies Group has an average rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Price Performance

The company has a market cap of $2.64 billion, a PE ratio of -45.31 and a beta of 2.27. The business has a 50 day moving average of $13.40 and a 200 day moving average of $10.11.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at about $66,000. Centiva Capital LP bought a new stake in Bitdeer Technologies Group during the 3rd quarter valued at approximately $91,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth approximately $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at approximately $220,000. 22.25% of the stock is currently owned by institutional investors.

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.