Bitcoin Depot Inc. (NASDAQ:BTM) Sees Large Decline in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 1,760,384 shares, a decline of 33.0% from the December 31st total of 2,628,274 shares. Based on an average daily volume of 872,089 shares, the short-interest ratio is currently 2.0 days. Approximately 5.0% of the shares of the company are sold short. Approximately 5.0% of the shares of the company are sold short. Based on an average daily volume of 872,089 shares, the short-interest ratio is currently 2.0 days.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. Wall Street Zen cut Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th. Finally, B. Riley downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.83.

Hedge Funds Weigh In On Bitcoin Depot

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised 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 purchasing an additional 9,622 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Bitcoin Depot during the second quarter valued at approximately $51,000. Kestra Private Wealth Services LLC purchased a new stake in shares of Bitcoin Depot in the 3rd quarter worth approximately $36,000. Qube Research & Technologies Ltd purchased a new position in Bitcoin Depot in the second quarter valued at $74,000. Finally, Truist Financial Corp purchased a new position in shares of Bitcoin Depot during the 2nd quarter worth approximately $71,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Bitcoin Depot Stock Down 5.6%

Shares of Bitcoin Depot stock traded down $0.06 on Friday, reaching $1.02. The company’s stock had a trading volume of 710,568 shares, compared to its average volume of 849,138. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 2.86. The firm’s fifty day simple moving average is $1.33 and its two-hundred day simple moving average is $2.82. The company has a market capitalization of $74.32 million, a price-to-earnings ratio of 4.43 and a beta of 0.87. Bitcoin Depot has a 52 week low of $0.93 and a 52 week high of $6.88.

Bitcoin Depot (NASDAQ:BTM) last issued its quarterly earnings data on Thursday, November 13th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Bitcoin Depot had a return on equity of 791.02% and a net margin of 1.44%.The firm had revenue of $162.48 million during the quarter, compared to analysts’ expectations of $153.11 million.

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.