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

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large drop in short interest in 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 volume of 717,874 shares, the days-to-cover ratio is currently 0.5 days. Currently, 6.3% of the shares of the stock are sold short.

Institutional Trading of Bitcoin Depot

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its position 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 buying an additional 9,622 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Bitcoin Depot in the second quarter worth $51,000. Kestra Private Wealth Services LLC acquired a new stake in shares of Bitcoin Depot in the third quarter worth $36,000. Qube Research & Technologies Ltd acquired a new stake in shares of Bitcoin Depot in the second quarter worth $74,000. Finally, Man Group plc acquired a new stake in shares of Bitcoin Depot in the second quarter worth $84,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Bitcoin Depot Trading Up 5.4%

Shares of BTM stock traded up $0.15 during trading hours on Friday, reaching $2.93. 762,308 shares of the stock traded hands, compared to its average volume of 562,441. Bitcoin Depot has a 1-year low of $1.90 and a 1-year high of $48.16. The business has a fifty day moving average price of $4.21 and a 200 day moving average price of $7.98. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 4.72. The firm has a market capitalization of $32.61 million, a PE ratio of 1.54 and a beta of 3.12.

Bitcoin Depot (NASDAQ:BTM) last released its quarterly earnings results on Monday, March 16th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $116.04 million for the quarter, compared to analyst estimates of $113.93 million. On average, equities research analysts forecast that Bitcoin Depot will post -2.12 EPS for the current year.

Wall Street Analyst Weigh In

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

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.