Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Declines By 49.5%

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant decrease in short interest during the month of April. As of April 30th, there was short interest totaling 336,556 shares, a decrease of 49.5% from the April 15th total of 665,866 shares. Based on an average daily volume of 717,874 shares, the days-to-cover ratio is presently 0.5 days. Currently, 6.3% of the shares of the stock are short sold.

Bitcoin Depot Stock Up 5.4%

BTM traded up $0.15 during trading on Friday, reaching $2.93. The company had a trading volume of 762,308 shares, compared to its average volume of 562,441. The company has a debt-to-equity ratio of 4.72, a current ratio of 1.26 and a quick ratio of 1.26. Bitcoin Depot has a 12 month low of $1.90 and a 12 month high of $48.16. The business’s fifty day moving average price is $4.21 and its 200 day moving average price is $7.98. The company has a market cap of $32.61 million, a P/E ratio of 1.54 and a beta of 3.12.

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings results on Monday, March 16th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.71). The company had revenue of $116.04 million during the quarter, compared to the consensus estimate of $113.93 million. Bitcoin Depot had a negative net margin of 0.94% and a negative return on equity of 70.95%. Equities analysts anticipate that Bitcoin Depot will post -2.12 EPS for the current year.

Institutional Trading of Bitcoin Depot

A number of institutional investors have recently made changes to their positions in BTM. Geode Capital Management LLC lifted its position in shares of Bitcoin Depot by 35.9% in the second quarter. Geode Capital Management LLC now owns 171,606 shares of the company’s stock worth $870,000 after purchasing an additional 45,300 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Bitcoin Depot in the second quarter worth $51,000. JPMorgan Chase & Co. lifted its position in shares of Bitcoin Depot by 591,055.6% in the second quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company’s stock worth $809,000 after purchasing an additional 159,585 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Bitcoin Depot in the second quarter worth $205,000. Finally, Invesco Ltd. bought a new stake in shares of Bitcoin Depot in the second quarter worth $242,000. Institutional investors own 9.18% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Noble Financial downgraded Bitcoin Depot from an “outperform” rating to a “market perform” rating in a report on Wednesday. B. Riley Financial lifted their price target on shares of Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. HC Wainwright lifted their price target on shares of Bitcoin Depot from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st. Finally, Wall Street Zen cut Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 19th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Bitcoin Depot presently has an average rating of “Hold” and an average price target of $4.10.

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.