Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Expands By 73.9%

Bitcoin Depot Inc. (NASDAQ:BTMGet Free Report) was the recipient of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 519,300 shares, a growth of 73.9% from the May 15th total of 298,600 shares. Based on an average daily volume of 1,050,000 shares, the short-interest ratio is currently 0.5 days. Currently, 3.5% of the shares of the company are sold short.

Bitcoin Depot Stock Performance

BTM opened at $6.22 on Monday. The firm has a market cap of $400.02 million, a P/E ratio of -6.69 and a beta of 0.75. Bitcoin Depot has a 1-year low of $0.93 and a 1-year high of $6.66. The company has a 50 day simple moving average of $2.63 and a two-hundred day simple moving average of $1.91. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.91 and a quick ratio of 0.91.

Bitcoin Depot (NASDAQ:BTMGet Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.11. The business had revenue of $164.23 million during the quarter, compared to analyst estimates of $151.67 million. Bitcoin Depot had a negative net margin of 2.28% and a negative return on equity of 488.33%.

Analyst Ratings Changes

A number of brokerages have commented on BTM. Northland Securities raised shares of Bitcoin Depot from a “market perform” rating to an “outperform” rating and set a $5.00 target price for the company in a report on Friday, May 16th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitcoin Depot in a report on Tuesday, March 18th. Northland Capmk raised shares of Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a report on Friday, May 16th. B. Riley upped their target price on shares of Bitcoin Depot from $4.70 to $5.50 and gave the company a “buy” rating in a report on Friday, May 16th. Finally, Wall Street Zen raised shares of Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Bitcoin Depot has a consensus rating of “Strong Buy” and an average price target of $4.83.

Check Out Our Latest Stock Analysis on BTM

Insider Activity

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 20,476 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $1.33, for a total transaction of $27,233.08. Following the completion of the sale, the chief operating officer now directly owns 169,276 shares of the company’s stock, valued at approximately $225,137.08. This represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 70.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bitcoin Depot

Hedge funds have recently modified their holdings of the company. Welch Capital Partners LLC NY boosted its position in shares of Bitcoin Depot by 85.1% during the first quarter. Welch Capital Partners LLC NY now owns 966,250 shares of the company’s stock worth $1,459,000 after acquiring an additional 444,177 shares during the last quarter. Radcliffe Capital Management L.P. boosted its position in shares of Bitcoin Depot by 134.3% during the fourth quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company’s stock worth $463,000 after acquiring an additional 163,854 shares during the last quarter. Two Sigma Investments LP bought a new position in shares of Bitcoin Depot during the fourth quarter worth $427,000. Two Sigma Advisers LP bought a new position in shares of Bitcoin Depot during the fourth quarter worth $267,000. Finally, Renaissance Technologies LLC boosted its position in shares of Bitcoin Depot by 96.4% during the fourth quarter. Renaissance Technologies LLC now owns 146,100 shares of the company’s stock worth $237,000 after acquiring an additional 71,700 shares during the last quarter. 9.18% of the stock is currently owned by institutional investors.

About Bitcoin Depot

(Get Free Report)

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.

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