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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 12,450,000 shares, an increase of 27.7% from the November 30th total of 9,750,000 shares. Based on an average daily trading volume, of 6,160,000 shares, the days-to-cover ratio is currently 2.0 days. Currently, 36.7% of the shares of the company are short sold.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds have recently modified their holdings of the company. Mirabella Financial Services LLP purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at approximately $5,872,000. D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth $5,386,000. Marshall Wace LLP purchased a new position in shares of Bitdeer Technologies Group during the 2nd 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 purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at $4,510,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BTDR has been the topic of several recent analyst reports. B. Riley boosted their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Rosenblatt Securities upped their price objective on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Benchmark raised their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a "buy" rating in a report on Monday, December 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Finally, Roth Mkm increased 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. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Buy" and an average price target of $19.80.

Bitdeer Technologies Group Trading Down 3.3 %

Shares of NASDAQ BTDR traded down $0.81 during trading on Friday, reaching $23.65. The company had a trading volume of 6,907,670 shares, compared to its average volume of 3,104,655. The stock has a market capitalization of $2.65 billion, a PE ratio of -45.48 and a beta of 2.27. Bitdeer Technologies Group has a twelve month low of $5.23 and a twelve month high of $26.24. The stock has a 50-day moving average price of $14.03 and a two-hundred day moving average price of $10.35.

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.