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

Bitdeer Technologies Group (NASDAQ:BTDR) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 14,680,000 shares, a growth of 6.8% from the January 15th total of 13,740,000 shares. Based on an average trading volume of 8,370,000 shares, the days-to-cover ratio is presently 1.8 days. Currently, 17.0% of the company’s shares are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth $65,010,000. Trivest Advisors Ltd bought a new position in Bitdeer Technologies Group in the 4th quarter worth about $48,481,000. Van ECK Associates Corp purchased a new stake in Bitdeer Technologies Group during the 4th quarter valued at about $29,125,000. Renaissance Technologies LLC increased its stake in Bitdeer Technologies Group by 3,558.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock valued at $26,876,000 after purchasing an additional 1,206,361 shares in the last quarter. Finally, Mirabella Financial Services LLP purchased a new position in Bitdeer Technologies Group in the third quarter worth about $5,872,000. Institutional investors own 22.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Keefe, Bruyette & Woods assumed coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They issued an “outperform” rating and a $26.50 price objective for the company. Roth Mkm upped their price target on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Needham & Company LLC raised their price target on shares of Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, January 13th. HC Wainwright raised their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, B. Riley increased their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Eleven equities research 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 company has a consensus rating of “Buy” and a consensus target price of $22.23.

Bitdeer Technologies Group Trading Down 0.5 %

BTDR traded down $0.08 during midday trading on Monday, reaching $16.50. The company’s stock had a trading volume of 2,958,087 shares, compared to its average volume of 6,500,237. The stock’s 50-day moving average is $19.77 and its 200-day moving average is $12.52. Bitdeer Technologies Group has a 1 year low of $5.23 and a 1 year high of $26.99. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -31.73 and a beta of 2.04.

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.