Bitcoin Depot (BTM) to Release Quarterly Earnings on Tuesday

Bitcoin Depot (NASDAQ:BTM) is projected to release its results before the market opens on Tuesday, August 18th. Analysts expect Bitcoin Depot to post earnings of ($0.2150) per share and revenue of $113.4380 million for the quarter.

Bitcoin Depot Price Performance

Shares of BTM opened at $0.49 on Tuesday. The stock has a market capitalization of $5.47 million, a PE ratio of 0.26 and a beta of 3.12. Bitcoin Depot has a 1 year low of $0.45 and a 1 year high of $48.16. The company has a debt-to-equity ratio of 4.72, a quick ratio of 1.26 and a current ratio of 1.26. The company’s 50-day simple moving average is $0.49 and its 200-day simple moving average is $3.09.

Hedge Funds Weigh In On Bitcoin Depot

Several hedge funds have recently added to or reduced their stakes in the business. 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 worth $49,000 after buying an additional 9,622 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Bitcoin Depot during the 2nd quarter worth about $51,000. Kestra Private Wealth Services LLC acquired a new position in shares of Bitcoin Depot in the 3rd quarter valued at $36,000. Qube Research & Technologies Ltd acquired a new position in Bitcoin Depot in the second quarter valued at $74,000. Finally, Man Group plc acquired a new position in shares of Bitcoin Depot in the 2nd quarter valued at about $84,000. 9.18% of the stock is currently owned by hedge funds and other institutional investors.

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 note on Sunday, April 19th. Noble Financial downgraded shares of 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 report on Tuesday, May 19th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Bitcoin Depot presently has an average rating of “Reduce” 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.