Short Interest in Bitdeer Technologies Group (NASDAQ:BTDR) Drops By 21.4%

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of a significant drop in short interest in April. As of April 15th, there was short interest totalling 1,760,000 shares, a drop of 21.4% from the March 31st total of 2,240,000 shares. Approximately 6.0% of the company’s stock are sold short. Based on an average daily volume of 1,700,000 shares, the days-to-cover ratio is presently 1.0 days.

Bitdeer Technologies Group Stock Down 5.0 %

Shares of Bitdeer Technologies Group stock traded down $0.32 on Monday, hitting $6.03. The stock had a trading volume of 708,207 shares, compared to its average volume of 1,702,257. The stock has a market cap of $675.18 million, a price-to-earnings ratio of -14.45 and a beta of 1.70. Bitdeer Technologies Group has a twelve month low of $2.77 and a twelve month high of $14.65. The business’s 50 day moving average is $6.82 and its two-hundred day moving average is $6.45.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Thursday, March 28th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.15). Bitdeer Technologies Group had a negative net margin of 15.37% and a negative return on equity of 7.34%. The firm had revenue of $114.85 million during the quarter. As a group, equities analysts predict that Bitdeer Technologies Group will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

BTDR has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, March 26th. Benchmark reissued a “buy” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, April 15th. Needham & Company LLC initiated coverage on shares of Bitdeer Technologies Group in a report on Monday, April 15th. They issued a “buy” rating and a $14.00 target price on the stock. Roth Mkm assumed coverage on shares of Bitdeer Technologies Group in a research note on Thursday, February 29th. They issued a “buy” rating and a $14.00 target price for the company. Finally, BTIG Research started coverage on 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. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $13.64.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently bought and sold shares of the business. Nomura Holdings Inc. acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at $15,350,000. Van ECK Associates Corp raised its stake in Bitdeer Technologies Group by 196.2% during the fourth quarter. Van ECK Associates Corp now owns 1,100,178 shares of the company’s stock worth $10,848,000 after acquiring an additional 728,804 shares in the last quarter. EDBI Pte Ltd bought a new position in Bitdeer Technologies Group in the 3rd quarter valued at approximately $3,444,000. Exchange Traded Concepts LLC increased its holdings in shares of Bitdeer Technologies Group by 83.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 533,975 shares of the company’s stock worth $5,265,000 after buying an additional 243,245 shares in the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at $1,199,000. 22.25% of the stock is owned by institutional investors.

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.