Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Update

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant drop in short interest during the month of April. As of April 30th, there was short interest totaling 336,556 shares, a drop of 49.5% from the April 15th total of 665,866 shares. Based on an average daily trading volume, of 717,874 shares, the short-interest ratio is presently 0.5 days. Approximately 6.3% of the shares of the company are short sold.

Bitcoin Depot Stock Performance

NASDAQ BTM opened at $2.93 on Monday. The company’s 50 day moving average is $4.21 and its 200-day moving average is $7.90. The firm has a market cap of $32.61 million, a P/E ratio of 1.54 and a beta of 3.12. Bitcoin Depot has a 12-month low of $1.90 and a 12-month high of $48.16. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 4.72.

Bitcoin Depot (NASDAQ:BTM) last issued its quarterly earnings data on Monday, March 16th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.71). The firm had revenue of $116.04 million for the quarter, compared to analysts’ expectations of $113.93 million. Bitcoin Depot had a negative net margin of 0.94% and a negative return on equity of 70.95%. Sell-side analysts predict that Bitcoin Depot will post -2.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BTM has been the topic of several research analyst reports. B. Riley Financial upped their price objective on Bitcoin Depot to $4.20 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Wall Street Zen downgraded Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday, January 21st. Noble Financial downgraded Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 13th. Finally, HC Wainwright upped their price objective on Bitcoin Depot from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Bitcoin Depot presently has a consensus rating of “Hold” and an average target price of $4.10.

Hedge Funds Weigh In On Bitcoin Depot

Several hedge funds have recently bought and sold shares of BTM. Kestra Private Wealth Services LLC purchased a new position in Bitcoin Depot during the third quarter valued at approximately $36,000. Caitong International Asset Management Co. Ltd purchased a new position in Bitcoin Depot in the 4th quarter worth approximately $45,000. Bank of America Corp DE grew its stake in Bitcoin Depot by 11,320.0% in the 2nd quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock worth $49,000 after buying an additional 9,622 shares in the last quarter. Cetera Investment Advisers purchased a new position in Bitcoin Depot in the 2nd quarter worth approximately $51,000. Finally, Engineers Gate Manager LP grew its stake in Bitcoin Depot by 229.5% in the 4th quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock worth $61,000 after buying an additional 33,112 shares in the last quarter. Hedge funds and other 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.