Brokerages Set Bitcoin Depot Inc. (NASDAQ:BTM) Price Target at $4.10

Bitcoin Depot Inc. (NASDAQ:BTM) has been given an average rating of “Reduce” by the five brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $4.10.

BTM has been the topic of several research reports. Wall Street Zen lowered Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. Noble Financial downgraded Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 13th. Finally, HC Wainwright lowered Bitcoin Depot from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 19th.

Institutional Trading of Bitcoin Depot

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased 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 acquiring an additional 9,622 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Bitcoin Depot during the 2nd quarter valued at $51,000. Kestra Private Wealth Services LLC acquired a new position in shares of Bitcoin Depot during the 3rd quarter valued at $36,000. Qube Research & Technologies Ltd purchased a new stake in Bitcoin Depot during the 2nd quarter worth $74,000. Finally, Man Group plc purchased a new stake in Bitcoin Depot during the 2nd quarter worth $84,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Bitcoin Depot Price Performance

Shares of BTM opened at $0.49 on Tuesday. Bitcoin Depot has a fifty-two week low of $0.45 and a fifty-two week high of $48.16. The company’s fifty day moving average is $0.55 and its two-hundred day moving average is $3.84. The firm has a market cap of $5.47 million, a PE ratio of 0.26 and a beta of 3.12. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 4.72.

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.