Bitdeer Technologies Group (NASDAQ:BTDR) Short Interest Up 8.6% in October

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was the target of a significant increase in short interest in October. As of October 31st, there was short interest totalling 10,710,000 shares, an increase of 8.6% from the October 15th total of 9,860,000 shares. Based on an average daily volume of 2,820,000 shares, the days-to-cover ratio is presently 3.8 days. Currently, 31.6% of the company's stock are short sold.

Bitdeer Technologies Group Stock Up 3.3 %

BTDR stock traded up $0.35 during mid-day trading on Friday, hitting $11.09. The company had a trading volume of 4,442,269 shares, compared to its average volume of 4,326,792. The company has a 50-day moving average price of $7.92 and a 200 day moving average price of $7.96. Bitdeer Technologies Group has a 12-month low of $3.78 and a 12-month high of $14.27.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of recent research reports. Benchmark reiterated a "buy" rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. B. Riley lowered their price target on Bitdeer Technologies Group from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, October 11th. Rosenblatt Securities reiterated a "buy" rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a "buy" rating and a $14.00 target price for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Ten 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, Bitdeer Technologies Group currently has a consensus rating of "Buy" and a consensus target price of $13.70.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group in the third quarter worth about $66,000. Centiva Capital LP bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $91,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Bitdeer Technologies Group in the third quarter worth $169,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in Bitdeer Technologies Group by 96.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company's stock worth $347,000 after buying an additional 21,798 shares during the period. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.