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

Bitcoin Depot Inc. (NASDAQ:BTM) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 508,400 shares, a decline of 6.0% from the November 30th total of 541,000 shares. Based on an average daily trading volume, of 1,090,000 shares, the days-to-cover ratio is currently 0.5 days. Approximately 8.0% of the company’s stock are short sold.

Institutional Trading of Bitcoin Depot

Hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC increased its stake in shares of Bitcoin Depot by 110.1% in the 3rd quarter. Walleye Capital LLC now owns 23,542 shares of the company’s stock valued at $37,000 after purchasing an additional 12,337 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Bitcoin Depot by 122.1% in the second quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock worth $85,000 after purchasing an additional 26,000 shares during the last quarter. Finally, 272 Capital LP bought a new position in shares of Bitcoin Depot during the third quarter worth about $401,000. 9.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Noble Financial raised Bitcoin Depot to a “strong-buy” rating in a research report on Thursday, October 17th.

Bitcoin Depot Stock Performance

BTM traded up $0.08 during trading hours on Tuesday, reaching $1.62. The company’s stock had a trading volume of 239,605 shares, compared to its average volume of 442,238. Bitcoin Depot has a 52 week low of $1.33 and a 52 week high of $3.52. The firm has a market cap of $97.83 million, a PE ratio of -1.74 and a beta of -0.09. The company’s 50-day moving average is $1.81 and its 200-day moving average is $1.70. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.