Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Expands By 50.8%

Bitcoin Depot Inc. (NASDAQ:BTM) was the recipient of a significant increase in short interest during the month of February. As of February 13th, there was short interest totaling 3,107,807 shares, an increase of 50.8% from the January 29th total of 2,060,966 shares. Currently, 62.0% of the company’s shares are short sold. Based on an average daily volume of 1,246,609 shares, the short-interest ratio is currently 2.5 days. Based on an average daily volume of 1,246,609 shares, the short-interest ratio is currently 2.5 days. Currently, 62.0% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

BTM has been the subject of several research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st. Wall Street Zen lowered Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th. Noble Financial reissued an “outperform” rating on shares of Bitcoin Depot in a research note on Tuesday, February 24th. Finally, B. Riley Financial cut Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.83.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM opened at $4.81 on Tuesday. The company has a market capitalization of $50.07 million, a price-to-earnings ratio of 2.99 and a beta of 0.96. Bitcoin Depot has a 52 week low of $4.26 and a 52 week high of $48.16. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 2.86. The firm has a 50 day moving average of $7.64 and a 200 day moving average of $15.35.

Institutional Investors Weigh In On Bitcoin Depot

A number of institutional investors have recently added to or reduced their stakes in the stock. Owl Creek Asset Management L.P. bought a new position in Bitcoin Depot in the fourth quarter worth about $1,935,000. Sabby Management LLC purchased a new position in shares of Bitcoin Depot in the 4th quarter worth approximately $1,292,000. Marshall Wace LLP purchased a new position in shares of Bitcoin Depot in the 2nd quarter worth approximately $4,097,000. Vanguard Group Inc. raised its stake in shares of Bitcoin Depot by 54.9% during the 3rd quarter. Vanguard Group Inc. now owns 951,318 shares of the company’s stock worth $3,196,000 after acquiring an additional 337,070 shares in the last quarter. Finally, Welch Capital Partners LLC NY lifted its position in Bitcoin Depot by 33.0% during the second quarter. Welch Capital Partners LLC NY now owns 1,285,190 shares of the company’s stock valued at $6,516,000 after acquiring an additional 318,940 shares during the last quarter. Institutional investors own 9.18% of the company’s stock.

About Bitcoin Depot

Bitcoin Depot, Inc operates one of the largest networks of self-service cryptocurrency kiosks in North America, enabling customers to buy and sell Bitcoin and other digital assets using cash or debit cards. Through a partnership model with convenience stores, gas stations and retail outlets, the company provides an accessible on-ramp and off-ramp for individuals entering the cryptocurrency market without requiring a bank account or extensive technical knowledge. Transactions are completed in real time at the point of sale, with verification and receipt provided via email or mobile phone.

Founded in 2016 and headquartered in Atlanta, Georgia, Bitcoin Depot began as a privately held startup focused on expanding retail access to digital currencies.