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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was the recipient of a significant increase in short interest during the month of 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 company's stock are short sold. Based on an average daily trading volume, of 7,120,000 shares, the days-to-cover ratio is currently 1.9 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BTDR. Stonebridge Financial Group LLC bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $65,000. SBI Securities Co. Ltd. purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth $79,000. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at $66,000. Valliance Asset Management Ltd purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $217,000. Finally, Centiva Capital LP bought a new position in Bitdeer Technologies Group in the 3rd quarter worth $91,000. 22.25% of the stock is currently owned by institutional investors.

Bitdeer Technologies Group Trading Up 2.5 %

NASDAQ BTDR traded up $0.40 on Friday, hitting $16.66. 3,289,378 shares of the company traded hands, compared to its average volume of 7,192,250. The business's 50 day moving average price is $19.73 and its 200-day moving average price is $12.21. Bitdeer Technologies Group has a 52-week low of $5.23 and a 52-week high of $26.99. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -32.04 and a beta of 2.04.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BTDR shares. Benchmark upped 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. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They set an "outperform" rating and a $26.50 target price on the stock. Rosenblatt Securities boosted their price objective on shares of Bitdeer Technologies Group from $22.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday. Roth Mkm raised their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Finally, Northland Securities boosted their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $22.23.

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.