Bitcoin Depot Inc. (NASDAQ:BTM) Sees Large Decrease in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) saw a significant decrease in short interest in the month of April. As of April 30th, there was short interest totaling 336,556 shares, a decrease 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 company’s stock are short sold.

Wall Street Analyst Weigh In

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

Institutional Trading of Bitcoin Depot

Several large investors have recently added to or reduced their stakes in BTM. Kestra Private Wealth Services LLC acquired a new stake in Bitcoin Depot in the 3rd quarter valued at approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bitcoin Depot during the 4th quarter valued at $45,000. Bank of America Corp DE increased its position in shares of Bitcoin Depot by 11,320.0% during the 2nd quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock valued at $49,000 after purchasing an additional 9,622 shares during the period. Cetera Investment Advisers acquired a new position in shares of Bitcoin Depot during the 2nd quarter valued at $51,000. Finally, Engineers Gate Manager LP increased its position in shares of Bitcoin Depot by 229.5% during the 4th quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock valued at $61,000 after purchasing an additional 33,112 shares during the period. 9.18% of the stock is currently owned by institutional investors and hedge funds.

Bitcoin Depot Stock Performance

Shares of Bitcoin Depot stock traded up $0.15 on Friday, reaching $2.93. 762,308 shares of the company were exchanged, compared to its average volume of 562,441. The company has a debt-to-equity ratio of 4.72, a quick ratio of 1.26 and a current ratio of 1.26. The company’s 50-day moving average is $4.21 and its two-hundred day moving average is $7.98. The firm has a market cap of $32.61 million, a price-to-earnings ratio of 1.54 and a beta of 3.12. Bitcoin Depot has a 1-year low of $1.90 and a 1-year high of $48.16.

Bitcoin Depot (NASDAQ:BTM) last posted its earnings results on Monday, March 16th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.71). Bitcoin Depot had a negative net margin of 0.94% and a negative return on equity of 70.95%. The business had revenue of $116.04 million during the quarter, compared to analyst estimates of $113.93 million. As a group, research analysts expect that Bitcoin Depot will post -2.12 earnings per share for the current fiscal year.

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.