Bitdeer Technologies Group (NASDAQ:BTDR) Short Interest Up 197.0% in August

Bitdeer Technologies Group (NASDAQ:BTDR) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 9,980,000 shares, a growth of 197.0% from the August 15th total of 3,360,000 shares. Based on an average trading volume of 2,930,000 shares, the short-interest ratio is presently 3.4 days. Approximately 28.6% of the company’s shares are short sold.

Institutional Trading of Bitdeer Technologies Group

Institutional investors have recently added to or reduced their stakes in the business. Nomura Holdings Inc. bought a new position in shares of Bitdeer Technologies Group in the 4th quarter worth about $15,350,000. Van ECK Associates Corp lifted its holdings in Bitdeer Technologies Group by 10.5% in the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after acquiring an additional 115,882 shares during the last quarter. Vident Advisory LLC boosted its stake in Bitdeer Technologies Group by 186.4% in the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after acquiring an additional 565,362 shares during the period. Virtu Financial LLC bought a new position in shares of Bitdeer Technologies Group during the first quarter valued at approximately $431,000. Finally, Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $272,000. Institutional investors own 22.25% of the company’s stock.

Wall Street Analysts Forecast Growth

BTDR has been the topic of several recent research reports. B. Riley lifted their target price on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a “buy” rating in a report on Friday, July 12th. HC Wainwright dropped their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, September 3rd. Roth Mkm reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, July 1st. Finally, Benchmark restated a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $14.00.

Bitdeer Technologies Group Price Performance

NASDAQ:BTDR traded up $0.23 during mid-day trading on Friday, reaching $6.89. The stock had a trading volume of 1,640,395 shares, compared to its average volume of 1,990,521. The stock’s 50 day simple moving average is $8.21 and its two-hundred day simple moving average is $7.53. Bitdeer Technologies Group has a 1-year low of $2.77 and a 1-year high of $14.65. The company has a market capitalization of $771.47 million, a price-to-earnings ratio of -16.80 and a beta of 1.90.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.06). The firm had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. Sell-side analysts anticipate that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

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.