Bitdeer Technologies Group (NASDAQ:BTDR) Short Interest Down 22.4% in November

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 9,750,000 shares, a decline of 22.4% from the November 15th total of 12,560,000 shares. Based on an average daily trading volume, of 4,740,000 shares, the short-interest ratio is currently 2.1 days. Currently, 28.8% of the shares of the company are sold short.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Millennium Management LLC boosted its position in shares of Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $5,872,000. Quadrature Capital Ltd acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $285,000. Point72 Hong Kong Ltd bought a new stake in Bitdeer Technologies Group during the second quarter worth approximately $4,510,000. Finally, Shariaportfolio Inc. acquired a new position in Bitdeer Technologies Group in the third quarter worth approximately $1,039,000. Institutional investors own 22.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BTDR shares. B. Riley dropped their price objective on shares of 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. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Roth Mkm upped their price objective on Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, HC Wainwright raised their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus target price of $17.20.

Bitdeer Technologies Group Stock Performance

Shares of BTDR stock traded down $0.45 during mid-day trading on Friday, hitting $20.92. 11,068,406 shares of the 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 company’s 50-day simple moving average is $11.19 and its 200-day simple moving average is $9.31. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -40.23 and a beta of 2.27.

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.