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

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

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently made changes to their positions in the company. Vident Advisory LLC grew its stake in shares of Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after acquiring an additional 565,362 shares during the period. Virtu Financial LLC bought a new position in Bitdeer Technologies Group during the first quarter worth about $431,000. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Bitdeer Technologies Group in the second quarter worth about $272,000. Thomist Capital Management LP bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $1,156,000. Finally, XTX Topco Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at approximately $276,000. 22.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BTDR has been the topic of a number of analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $9.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Northland Securities initiated coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $13.00 price objective for the company. HC Wainwright cut their target price on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, B. Riley decreased 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. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Up 7.1 %

Bitdeer Technologies Group stock traded up $0.79 during trading on Monday, hitting $11.88. The stock had a trading volume of 8,835,966 shares, compared to its average volume of 2,239,573. The stock’s 50 day moving average is $7.92 and its two-hundred day moving average is $7.98. Bitdeer Technologies Group has a 1 year low of $3.91 and a 1 year high of $14.27. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of -60.58 and a beta of 1.92.

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.