Bitcoin Depot (NASDAQ:BTM) Shares Up 1.7% – Here’s Why

Bitcoin Depot Inc. (NASDAQ:BTM) shares traded up 1.7% on Friday . The stock traded as high as $1.25 and last traded at $1.20. 905,597 shares were traded during mid-day trading, an increase of 14% from the average session volume of 793,951 shares. The stock had previously closed at $1.18.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. B. Riley lowered shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday. Finally, Wall Street Zen lowered Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Bitcoin Depot currently has an average rating of “Hold” and an average target price of $5.83.

Bitcoin Depot Stock Performance

The stock has a market capitalization of $87.43 million, a price-to-earnings ratio of 5.22 and a beta of 0.87. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.86. The firm has a 50-day moving average of $1.39 and a 200-day moving average of $3.01.

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

Hedge Funds Weigh In On Bitcoin Depot

Several hedge funds and other institutional investors have recently bought and sold shares of BTM. Kestra Private Wealth Services LLC acquired a new stake in Bitcoin Depot during the 3rd quarter valued at approximately $36,000. Welch Capital Partners LLC NY raised its holdings in shares of Bitcoin Depot by 14.3% during the third quarter. Welch Capital Partners LLC NY now owns 1,469,313 shares of the company’s stock worth $4,937,000 after purchasing an additional 184,123 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Bitcoin Depot during the third quarter worth $269,000. Man Group plc lifted its position in Bitcoin Depot by 1,803.0% during the third quarter. Man Group plc now owns 315,581 shares of the company’s stock valued at $1,060,000 after purchasing an additional 298,998 shares during the period. Finally, Two Sigma Investments LP boosted its holdings in Bitcoin Depot by 19.2% in the third quarter. Two Sigma Investments LP now owns 604,387 shares of the company’s stock valued at $2,031,000 after purchasing an additional 97,506 shares during the last quarter. Institutional investors and hedge funds 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.