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

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of a significant increase in short interest in the month of 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 volume of 7,120,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 24.9% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new stake in Bitdeer Technologies Group in the 3rd quarter valued at about $66,000. Centiva Capital LP acquired a new stake in shares of Bitdeer Technologies Group in the third quarter valued at approximately $91,000. International Assets Investment Management LLC acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $308,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $169,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

Shares of BTDR stock opened at $20.90 on Tuesday. The stock has a fifty day moving average price of $17.80 and a 200 day moving average price of $11.51. The stock has a market cap of $2.34 billion, a PE ratio of -40.19 and a beta of 2.09. Bitdeer Technologies Group has a 1 year low of $5.23 and a 1 year high of $26.99.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a report on Monday, January 13th. Roth Mkm raised their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Benchmark boosted their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, HC Wainwright upped their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Ten 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.com, the stock currently has a consensus rating of “Buy” and an average price target 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.