Short Interest in Bitdeer Technologies Group (NASDAQ:BTDR) Grows By 7.0%

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 13,320,000 shares, an increase of 7.0% from the December 15th total of 12,450,000 shares. Based on an average daily trading volume, of 7,120,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 24.9% of the company’s stock are short sold.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in Bitdeer Technologies Group in the 4th quarter valued at $308,000. Sanctuary Advisors LLC bought a new position in Bitdeer Technologies Group in the third quarter worth $275,000. Barclays PLC acquired a new stake in Bitdeer Technologies Group during the third quarter worth $161,000. Geode Capital Management LLC increased its holdings in 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. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $66,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BTDR shares. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Northland Securities increased their price target on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. HC Wainwright increased 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 report on Tuesday, November 19th. Finally, B. Riley raised their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a report 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ:BTDR traded down $0.64 during midday trading on Friday, hitting $20.90. The company’s stock had a trading volume of 9,311,970 shares, compared to its average volume of 8,017,907. Bitdeer Technologies Group has a fifty-two week low of $5.23 and a fifty-two week high of $26.99. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -40.19 and a beta of 2.09. The stock’s 50 day simple moving average is $17.80 and its 200 day simple moving average is $11.51.

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.