Short Interest in Bitdeer Technologies Group (NASDAQ:BTDR) Declines By 12.4%

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of a large decrease in short interest in June. As of June 15th, there was short interest totalling 1,630,000 shares, a decrease of 12.4% from the May 31st total of 1,860,000 shares. Approximately 9.9% of the shares of the company are sold short. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of BTDR. Virtu Financial LLC bought a new position in Bitdeer Technologies Group in the first quarter valued at about $431,000. Vident Advisory LLC raised its holdings in Bitdeer Technologies Group by 186.4% in the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after buying an additional 565,362 shares during the last quarter. Van ECK Associates Corp boosted its position in Bitdeer Technologies Group by 10.5% during the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after buying an additional 115,882 shares during the period. Nomura Holdings Inc. bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $15,350,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at approximately $1,199,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. BTIG Research began coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, March 13th. They set a “buy” rating and a $15.00 price target on the stock. Roth Mkm reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Monday. B. Riley began coverage on Bitdeer Technologies Group in a research report on Tuesday, March 12th. They set a “buy” rating and a $9.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Wednesday, May 15th. Finally, Cantor Fitzgerald raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, June 12th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $13.56.

Bitdeer Technologies Group Price Performance

NASDAQ:BTDR traded up $0.33 during trading hours on Monday, hitting $10.59. The company’s stock had a trading volume of 3,383,286 shares, compared to its average volume of 1,633,026. Bitdeer Technologies Group has a twelve month low of $2.77 and a twelve month high of $14.65. The stock has a fifty day simple moving average of $7.01 and a 200-day simple moving average of $7.32. The company has a market capitalization of $1.19 billion, a P/E ratio of -26.95 and a beta of 1.96.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, May 13th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). The company had revenue of $119.51 million for the quarter, compared to the consensus estimate of $119.12 million. Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. On average, equities analysts predict that Bitdeer Technologies Group will post -0.01 EPS for the current fiscal year.

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.