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

Bitdeer Technologies Group (NASDAQ:BTDR) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 9,750,000 shares, a decrease of 22.4% from the November 15th total of 12,560,000 shares. Based on an average daily volume of 4,740,000 shares, the short-interest ratio is presently 2.1 days. Approximately 28.8% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Northland Securities lifted their price objective on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Rosenblatt Securities boosted their price target on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, December 6th. B. Riley decreased their price objective on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Benchmark upped their target price on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a report on Monday, December 9th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Bitdeer Technologies Group has an average rating of “Buy” and an average target price of $17.20.

Bitdeer Technologies Group Stock Down 2.1 %

Shares of Bitdeer Technologies Group stock traded down $0.45 during trading hours on Friday, hitting $20.92. 11,068,406 shares of the company’s stock traded hands, compared to its average volume of 2,858,125. Bitdeer Technologies Group has a twelve month low of $5.23 and a twelve month high of $24.68. The stock has a 50 day simple moving average of $11.19 and a 200-day simple moving average of $9.31. The company has a market cap of $2.34 billion, a PE ratio of -40.23 and a beta of 2.27.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $66,000. Centiva Capital LP acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $91,000. Barclays PLC acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth approximately $220,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.