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

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of a large increase in short interest in 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 trading volume of 6,160,000 shares, the short-interest ratio is currently 2.0 days. Approximately 36.7% of the company’s stock are sold short.

Bitdeer Technologies Group Price Performance

NASDAQ:BTDR opened at $22.29 on Tuesday. The company has a market capitalization of $2.50 billion, a P/E ratio of -42.86 and a beta of 2.27. The business has a fifty day simple moving average of $14.03 and a two-hundred day simple moving average of $10.35. Bitdeer Technologies Group has a 1 year low of $5.23 and a 1 year high of $26.24.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Northland Securities increased their target price on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Roth Mkm upped their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. HC Wainwright lifted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, B. Riley increased their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Ten equities 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 has a consensus rating of “Buy” and an average price target of $19.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in Bitdeer Technologies Group during the third quarter valued at about $275,000. Barclays PLC bought a new stake in shares of Bitdeer Technologies Group in the third quarter valued at approximately $161,000. Geode Capital Management LLC lifted its stake in shares of Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after buying an additional 46,968 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Bitdeer Technologies Group in the 3rd quarter worth approximately $66,000. Finally, Y Intercept Hong Kong Ltd grew its stake in Bitdeer Technologies Group by 96.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after buying an additional 21,798 shares in the last quarter. Institutional investors own 22.25% of the company’s stock.

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.