Bitdeer Technologies Group (NASDAQ:BTDR) Sees Significant Growth in Short Interest

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

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mirabella Financial Services LLP acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth $5,872,000. D1 Capital Partners L.P. acquired a new stake in shares of Bitdeer Technologies Group during the second quarter worth $5,386,000. Marshall Wace LLP acquired a new stake in shares of Bitdeer Technologies Group during the second quarter worth $5,074,000. Point72 Asset Management L.P. acquired a new stake in shares of Bitdeer Technologies Group during the second quarter worth $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group during the second quarter worth $4,510,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Stock Performance

BTDR opened at $20.90 on Monday. Bitdeer Technologies Group has a one year low of $5.23 and a one year high of $26.99. The stock’s fifty day moving average is $17.80 and its 200-day moving average is $11.51. The company has a market capitalization of $2.34 billion, a PE ratio of -40.19 and a beta of 2.09.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Northland Securities boosted their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Benchmark boosted their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. HC Wainwright boosted their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Finally, Needham & Company LLC boosted their price target on Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.00.

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.