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

Bitdeer Technologies Group (NASDAQ:BTDR) saw a large growth in short interest in January. As of January 15th, there was short interest totalling 13,320,000 shares, a growth of 7.0% from the December 31st total of 12,450,000 shares. Currently, 24.9% of the shares of the stock are sold short. Based on an average daily volume of 7,120,000 shares, the short-interest ratio is presently 1.9 days.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased its position in shares of Bitdeer Technologies Group by 901.0% in the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after buying an additional 369,363 shares in the last quarter. Shariaportfolio Inc. purchased a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $1,039,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Bitdeer Technologies Group by 281.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after purchasing an additional 182,110 shares during the period. Mirabella Financial Services LLP purchased a new stake in Bitdeer Technologies Group during the 3rd quarter worth about $5,872,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth $169,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of recent analyst reports. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Benchmark lifted their target price 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. HC Wainwright raised their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Alliance Global Partners began coverage on Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, B. Riley lifted their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Eleven equities 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 an average rating of “Buy” and a consensus price target of $21.50.

Bitdeer Technologies Group Stock Performance

BTDR stock traded down $0.75 during trading on Monday, reaching $17.77. 6,623,927 shares of the company traded hands, compared to its average volume of 7,777,882. The business has a 50 day simple moving average of $19.34 and a 200 day simple moving average of $12.05. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -34.17 and a beta of 2.04. Bitdeer Technologies Group has a 12 month low of $5.23 and a 12 month high of $26.99.

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.