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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,240,000 shares, an increase of 28.0% from the March 15th total of 1,750,000 shares. Based on an average trading volume of 1,820,000 shares, the short-interest ratio is currently 1.2 days. Currently, 8.2% of the shares of the company are sold short.

Bitdeer Technologies Group Trading Down 8.1 %

Shares of BTDR traded down $0.53 during trading hours on Friday, reaching $6.04. 1,430,103 shares of the company's stock traded hands, compared to its average volume of 1,475,343. Bitdeer Technologies Group has a 12 month low of $2.77 and a 12 month high of $14.65. The stock has a market cap of $676.30 million, a PE ratio of -14.38 and a beta of 1.70. The firm's 50 day simple moving average is $7.14 and its 200-day simple moving average is $6.63.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of BTDR. UBS Group AG purchased a new position in Bitdeer Technologies Group in the third quarter worth $35,000. First Trust Advisors LP boosted its holdings in shares of Bitdeer Technologies Group by 8.9% in the 4th quarter. First Trust Advisors LP now owns 51,237 shares of the company's stock worth $505,000 after purchasing an additional 4,197 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $41,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group during the 3rd quarter valued at about $49,000. Finally, Wellington Management Group LLP bought a new position in Bitdeer Technologies Group during the 4th quarter worth approximately $116,000. 22.25% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BTDR has been the subject of several research analyst reports. BTIG Research assumed coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, March 13th. They set a "buy" rating and a $15.00 price target for the company. B. Riley began coverage on Bitdeer Technologies Group in a research note on Tuesday, March 12th. They issued a "buy" rating and a $9.00 price objective on the stock. Roth Mkm initiated coverage on Bitdeer Technologies Group in a report on Thursday, February 29th. They issued a "buy" rating and a $14.00 price target for the company. Rosenblatt Securities initiated coverage on shares of Bitdeer Technologies Group in a report on Tuesday. They issued a "buy" rating and a $10.50 price target on the stock. Finally, Benchmark reaffirmed a "buy" rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Wednesday, March 27th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $13.58.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations.

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