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

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have been given an average rating of “Hold” by the six brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $5.8333.

A number of brokerages recently issued reports on BTM. B. Riley downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research report on Friday, November 14th. Wall Street Zen lowered Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st.

Bitcoin Depot Price Performance

BTM stock opened at $1.02 on Tuesday. The firm has a 50 day moving average of $1.33 and a 200-day moving average of $2.84. The firm has a market capitalization of $74.32 million, a P/E ratio of 4.43 and a beta of 0.87. Bitcoin Depot has a 12 month low of $0.93 and a 12 month high of $6.88. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.86.

Bitcoin Depot (NASDAQ:BTM) last posted its earnings results 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 net margin of 1.44% and a return on equity of 791.02%. The business had revenue of $162.48 million for the quarter, compared to analyst estimates of $153.11 million.

Hedge Funds Weigh In On Bitcoin Depot

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its holdings in shares of Bitcoin Depot by 11,320.0% in the 2nd 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 during the last quarter. Cetera Investment Advisers bought a new position in Bitcoin Depot in the second quarter valued at $51,000. Kestra Private Wealth Services LLC bought a new position in Bitcoin Depot in the third quarter valued at $36,000. Qube Research & Technologies Ltd purchased a new stake in Bitcoin Depot during the second quarter valued at about $74,000. Finally, Truist Financial Corp bought a new stake in Bitcoin Depot during the second quarter worth about $71,000. Hedge funds and other 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.