Bitdeer Technologies Group (NASDAQ:BTDR) Sees Large Increase in Short Interest

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

Bitdeer Technologies Group Trading Down 4.0 %

Shares of Bitdeer Technologies Group stock traded down $0.75 during midday trading on Monday, reaching $17.77. The company had a trading volume of 6,623,927 shares, compared to its average volume of 7,777,882. Bitdeer Technologies Group has a 1-year low of $5.23 and a 1-year high of $26.99. The stock has a fifty day simple moving average of $19.34 and a 200 day simple moving average of $12.05. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -34.17 and a beta of 2.04.

Wall Street Analysts Forecast Growth

BTDR has been the subject of several recent research reports. Keefe, Bruyette & Woods began coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They set an “outperform” rating and a $26.50 target price for the company. HC Wainwright lifted their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Bitdeer Technologies Group in a report on Monday, January 13th. Roth Mkm upped their price objective on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Eleven equities research 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 stock currently has a consensus rating of “Buy” and an average target price of $21.50.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently made changes to their positions in the stock. Van ECK Associates Corp bought a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $29,125,000. Mirabella Financial Services LLP acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at approximately $5,872,000. FengHe Fund Management Pte. Ltd. acquired a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $10,378,000. Millennium Management LLC grew its position in Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after acquiring an additional 369,363 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Bitdeer Technologies Group by 14.6% in the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after purchasing an additional 46,968 shares during the last quarter. 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.