Bitcoin Depot Inc. (NASDAQ:BTM) Given Consensus Rating of “Reduce” by Analysts

Bitcoin Depot Inc. (NASDAQ:BTM) has been assigned an average recommendation of “Reduce” from the five research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $4.10.

A number of research analysts recently commented on the stock. HC Wainwright downgraded shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Tuesday, May 19th. Noble Financial cut Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen downgraded Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM opened at $0.49 on Tuesday. The firm has a fifty day simple moving average of $0.51 and a two-hundred day simple moving average of $3.82. Bitcoin Depot has a 52 week low of $0.45 and a 52 week high of $48.16. 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 has a market capitalization of $5.47 million, a P/E ratio of 0.26 and a beta of 3.12.

Hedge Funds Weigh In On Bitcoin Depot

Several large investors have recently modified their holdings of BTM. Kestra Private Wealth Services LLC bought a new stake in Bitcoin Depot in the third quarter worth $36,000. Caitong International Asset Management Co. Ltd bought a new position in Bitcoin Depot during the fourth quarter valued at $45,000. Bank of America Corp DE increased its position in Bitcoin Depot by 11,320.0% during the second quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock valued at $49,000 after acquiring an additional 9,622 shares during the last quarter. Cetera Investment Advisers purchased a new stake in shares of Bitcoin Depot in the second quarter valued at $51,000. Finally, Engineers Gate Manager LP raised its stake in shares of Bitcoin Depot by 229.5% in the fourth quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock valued at $61,000 after acquiring an additional 33,112 shares during the period. Institutional investors own 9.18% of the company’s stock.

About Bitcoin Depot

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.