Short Interest in Bitdeer Technologies Group (NASDAQ:BTDR) Expands By 197.0%

Bitdeer Technologies Group (NASDAQ:BTDR) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 9,980,000 shares, an increase of 197.0% from the August 15th total of 3,360,000 shares. Based on an average trading volume of 2,930,000 shares, the short-interest ratio is presently 3.4 days. Approximately 28.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently bought and sold shares of the stock. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at $272,000. XTX Topco Ltd acquired a new position in Bitdeer Technologies Group in the second quarter valued at $276,000. Symmetry Investments LP purchased a new stake in Bitdeer Technologies Group during the second quarter valued at about $432,000. Virtu Financial LLC acquired a new stake in Bitdeer Technologies Group during the first quarter worth about $431,000. Finally, Thomist Capital Management LP purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth about $1,156,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

Bitdeer Technologies Group stock traded up $0.23 during trading on Friday, hitting $6.89. The company’s stock had a trading volume of 1,640,395 shares, compared to its average volume of 1,990,521. The stock’s fifty day moving average is $8.21 and its 200 day moving average is $7.53. Bitdeer Technologies Group has a 1-year low of $2.77 and a 1-year high of $14.65. The stock has a market capitalization of $771.47 million, a price-to-earnings ratio of -16.80 and a beta of 1.90.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. On average, research analysts anticipate that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BTDR. Rosenblatt Securities reaffirmed a “buy” rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a report on Wednesday, August 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, September 3rd. B. Riley boosted their price target on Bitdeer Technologies Group from $9.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Roth Mkm restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, July 1st. Finally, HC Wainwright dropped their price objective on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and an average price target of $14.00.

Bitdeer Technologies Group Company Profile

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.