Brokerages Set Bitcoin Depot Inc. (NASDAQ:BTM) PT at $5.83

Bitcoin Depot Inc. (NASDAQ:BTM) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $5.8333.

A number of research analysts have issued reports on BTM shares. Wall Street Zen cut Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, October 8th. Finally, B. Riley downgraded shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th.

Institutional Investors Weigh In On Bitcoin Depot

Several institutional investors have recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC acquired a new position in Bitcoin Depot in the 3rd quarter worth $36,000. Bank of America Corp DE boosted its position in shares of Bitcoin Depot by 11,320.0% during the second 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 during the period. Cetera Investment Advisers bought a new position in shares of Bitcoin Depot during the second quarter worth about $51,000. GSA Capital Partners LLP acquired a new stake in Bitcoin Depot in the 3rd quarter valued at approximately $70,000. Finally, Truist Financial Corp acquired a new stake in Bitcoin Depot in the 2nd quarter valued at approximately $71,000. 9.18% of the stock is owned by institutional investors.

Bitcoin Depot Stock Down 6.5%

Shares of NASDAQ BTM opened at $1.29 on Friday. Bitcoin Depot has a 52-week low of $0.93 and a 52-week high of $6.88. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.88 and a current ratio of 1.88. The stock has a market cap of $93.99 million, a P/E ratio of 5.61 and a beta of 0.87. The firm has a 50 day moving average price of $1.71 and a 200 day moving average price of $3.35.

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Bitcoin Depot had a net margin of 1.44% and a return on equity of 791.02%. The company had revenue of $162.48 million for the quarter, compared to analysts’ expectations of $153.11 million.

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.