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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw strong trading volume on Friday . 5,283,339 shares were traded 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.

Wall Street Analysts Forecast Growth

BTDR has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Northland Securities increased their price target on Bitdeer Technologies Group from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday. Rosenblatt Securities upped 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 note on Tuesday. Finally, Roth Mkm boosted their price target on Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $14.80.

Bitdeer Technologies Group Stock Down 2.4 %

The company has a market cap of $1.22 billion, a PE ratio of -21.52 and a beta of 1.92. The firm has a 50 day simple moving average of $8.35 and a 200-day simple moving average of $8.11.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Barclays PLC acquired a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth $161,000. Geode Capital Management LLC raised its stake in shares of Bitdeer Technologies Group by 14.6% during 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 last quarter. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group in the third quarter valued at approximately $66,000. Y Intercept Hong Kong Ltd grew its position 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 valued at $347,000 after buying an additional 21,798 shares during the period. Finally, State Street Corp purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $1,510,000. Institutional investors 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.