Bitcoin Depot Inc. (NASDAQ:BTM) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have been given an average rating of “Reduce” by the five analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $4.10.

Several research firms have recently commented on BTM. HC Wainwright downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Tuesday, May 19th. Wall Street Zen downgraded Bitcoin Depot from a “sell” rating to a “strong sell” rating in a report on Sunday, April 19th. Noble Financial downgraded Bitcoin Depot from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 13th. Finally, B. Riley Financial raised their target price on Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th.

Bitcoin Depot Price Performance

BTM opened at $0.49 on Monday. The company has a market cap of $5.47 million, a P/E ratio of 0.26 and a beta of 3.12. The business’s 50-day moving average price is $3.17 and its 200-day moving average price is $6.14. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 4.72. Bitcoin Depot has a 12 month low of $0.45 and a 12 month high of $48.16.

Bitcoin Depot (NASDAQ:BTM) last released 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 company had revenue of $116.04 million during the quarter, compared to analysts’ expectations of $113.93 million. Bitcoin Depot had a negative return on equity of 70.95% and a negative net margin of 0.94%. On average, equities analysts expect that Bitcoin Depot will post -2.22 EPS for the current year.

Institutional Trading of Bitcoin Depot

Several large investors have recently modified their holdings of the business. Bank of America Corp DE grew its stake in shares of Bitcoin Depot by 11,320.0% in the second quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock worth $49,000 after purchasing an additional 9,622 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of Bitcoin Depot in the second quarter worth about $51,000. Kestra Private Wealth Services LLC bought a new stake in shares of Bitcoin Depot in the third quarter worth about $36,000. Qube Research & Technologies Ltd bought a new stake in shares of Bitcoin Depot in the second quarter worth about $74,000. Finally, Man Group plc bought a new stake in shares of Bitcoin Depot in the second quarter worth about $84,000. 9.18% of the stock is owned by institutional investors.

Bitcoin Depot Company Profile

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.