Bitcoin Depot (NASDAQ:BTM) Receives “Neutral” Rating from HC Wainwright

Bitcoin Depot (NASDAQ:BTM)‘s stock had its “neutral” rating reissued by analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports.

A number of other equities research analysts have also issued reports on BTM. Noble Financial lowered Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. Wall Street Zen cut shares of Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. Finally, B. Riley Financial raised their price objective on Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $4.10.

Bitcoin Depot Trading Down 24.6%

Bitcoin Depot stock traded down $0.19 during midday trading on Tuesday, reaching $0.59. 632,365 shares of the stock traded hands, compared to its average volume of 392,348. The firm has a market cap of $6.58 million, a PE ratio of 0.32 and a beta of 3.12. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 4.72. The company has a 50-day simple moving average of $4.12 and a two-hundred day simple moving average of $7.76. Bitcoin Depot has a 12-month low of $0.55 and a 12-month high of $48.16.

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

Institutional Investors Weigh In On Bitcoin Depot

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its position in Bitcoin Depot by 11,320.0% during 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 purchased a new position in Bitcoin Depot during the second quarter worth about $51,000. Kestra Private Wealth Services LLC acquired a new stake in Bitcoin Depot in the third quarter valued at about $36,000. Qube Research & Technologies Ltd acquired a new position in Bitcoin Depot during the 2nd quarter worth approximately $74,000. Finally, Man Group plc purchased a new position in shares of Bitcoin Depot during the 2nd quarter worth approximately $84,000. 9.18% of the stock is owned by institutional investors and hedge funds.

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.