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

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 1,860,000 shares, a growth of 6.9% from the May 15th total of 1,740,000 shares. Based on an average daily trading volume, of 1,030,000 shares, the short-interest ratio is currently 1.8 days. Approximately 13.8% of the company’s shares are sold short.

Bitdeer Technologies Group Trading Down 3.2 %

NASDAQ:BTDR opened at $9.08 on Wednesday. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -22.15 and a beta of 1.79. The firm has a fifty day simple moving average of $6.42 and a two-hundred day simple moving average of $7.11. Bitdeer Technologies Group has a 12 month low of $2.77 and a 12 month high of $14.65.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, April 9th. They set a “buy” rating and a $10.50 target price for the company. B. Riley assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, March 12th. They set a “buy” rating and a $9.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, June 11th. Cantor Fitzgerald raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, June 12th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Wednesday, May 15th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $13.56.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Barclays PLC bought a new position in shares of Bitdeer Technologies Group during the third quarter valued at about $49,000. Vontobel Holding Ltd. bought a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at about $240,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Bitdeer Technologies Group by 149.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,901 shares of the company’s stock valued at $384,000 after purchasing an additional 23,310 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Bitdeer Technologies Group during the first quarter valued at about $431,000. Finally, Swiss National Bank bought a new position in shares of Bitdeer Technologies Group during the third quarter valued at about $604,000. 22.25% of the stock is owned by institutional investors.

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.