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

Bitcoin Depot Inc. (NASDAQ:BTM) has been given an average recommendation of “Reduce” by the five research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to 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 a number of recent research reports. HC Wainwright cut shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 19th. Noble Financial lowered shares of Bitcoin Depot from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 13th. B. Riley Financial upped their price objective on shares of Bitcoin Depot to $4.20 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Finally, Wall Street Zen lowered shares of Bitcoin Depot from a “sell” rating to a “strong sell” rating in a report on Sunday, April 19th.

Bitcoin Depot Stock Performance

NASDAQ BTM opened at $0.49 on Friday. 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 stock’s 50-day simple moving average is $2.09 and its two-hundred day simple moving average is $4.76. Bitcoin Depot has a twelve month low of $0.45 and a twelve month high of $48.16. The company has a market capitalization of $5.47 million, a price-to-earnings ratio of 0.26 and a beta of 3.12.

Institutional Trading of Bitcoin Depot

Several institutional investors have recently added to or reduced their stakes in BTM. Geode Capital Management LLC increased its holdings in shares of Bitcoin Depot by 35.9% in the second quarter. Geode Capital Management LLC now owns 171,606 shares of the company’s stock worth $870,000 after buying an additional 45,300 shares during the period. Cetera Investment Advisers bought a new stake in shares of Bitcoin Depot in the 2nd quarter valued at about $51,000. JPMorgan Chase & Co. boosted its holdings in Bitcoin Depot by 591,055.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company’s stock valued at $809,000 after acquiring an additional 159,585 shares during the period. Quantbot Technologies LP purchased a new stake in Bitcoin Depot during the 2nd quarter valued at about $205,000. Finally, Invesco Ltd. bought a new position in Bitcoin Depot during the 2nd quarter worth approximately $242,000. 9.18% of the stock is currently owned by hedge funds and other institutional investors.

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.