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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw unusually-high trading volume on Tuesday . Approximately 3,003,642 shares changed hands during mid-day 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.

Analysts Set New Price Targets

Several research firms have weighed in on BTDR. Northland Securities increased their price objective on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Roth Mkm increased their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Finally, B. Riley lifted their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $19.80.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $2.66 billion, a P/E ratio of -45.75 and a beta of 2.27. The company’s fifty day simple moving average is $12.78 and its 200-day simple moving average is $9.90.

Institutional Investors Weigh In On Bitdeer Technologies Group

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