Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Drops By 33.0%

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large drop in short interest in January. As of January 15th, there was short interest totaling 1,760,384 shares, a drop of 33.0% from the December 31st total of 2,628,274 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily volume of 872,089 shares, the short-interest ratio is presently 2.0 days. Based on an average daily volume of 872,089 shares, the short-interest ratio is presently 2.0 days. Currently, 5.0% of the company’s stock are short sold.

Bitcoin Depot Stock Down 5.6%

BTM traded down $0.06 on Friday, reaching $1.02. The company’s stock had a trading volume of 710,568 shares, compared to its average volume of 857,937. The company has a market capitalization of $74.32 million, a price-to-earnings ratio of 4.43 and a beta of 0.87. Bitcoin Depot has a fifty-two week low of $0.93 and a fifty-two week high of $6.88. 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 stock has a 50 day moving average of $1.33 and a two-hundred day moving average of $2.85.

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

Institutional Trading of Bitcoin Depot

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Private Wealth Services LLC purchased a new stake in shares of Bitcoin Depot in the 3rd quarter valued at about $36,000. Bank of America Corp DE increased its position in 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 acquired a new position in Bitcoin Depot during the second quarter worth approximately $51,000. GSA Capital Partners LLP purchased a new stake in Bitcoin Depot in the third quarter valued at approximately $70,000. Finally, Truist Financial Corp acquired a new stake in shares of Bitcoin Depot in the second quarter valued at approximately $71,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday, January 21st. B. Riley cut shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Finally, Wall Street Zen lowered shares of Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $5.83.

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.