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

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of a large increase in short interest in 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 volume of 6,160,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 36.7% of the shares of the stock are sold short.

Bitdeer Technologies Group Price Performance

Shares of BTDR opened at $22.29 on Tuesday. Bitdeer Technologies Group has a 1 year low of $5.23 and a 1 year high of $26.24. The stock has a 50 day simple moving average of $14.03 and a two-hundred day simple moving average of $10.35. The firm has a market cap of $2.50 billion, a P/E ratio of -42.86 and a beta of 2.27.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of recent analyst reports. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. HC Wainwright boosted their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Rosenblatt Securities lifted their price target on Bitdeer Technologies Group from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Benchmark upped their price objective on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $19.80.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio bought a new stake in Bitdeer Technologies Group in the third quarter worth $66,000. Centiva Capital LP purchased a new position in shares of Bitdeer Technologies Group in the third quarter worth about $91,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group in the third quarter worth about $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $169,000. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Bitdeer Technologies Group during the 2nd quarter valued at about $272,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.