Analysts Set Bitcoin Depot Inc. (NASDAQ:BTM) Price Target at $4.10

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have been given an average rating of “Reduce” by the five brokerages that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $4.10.

A number of research firms have issued reports on BTM. Noble Financial downgraded Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 13th. B. Riley Financial boosted their price target on Bitcoin Depot to $4.20 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. HC Wainwright downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen downgraded Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 19th.

Bitcoin Depot Stock Performance

Shares of BTM stock opened at $0.49 on Monday. The company has a 50 day moving average price of $3.17 and a 200-day moving average price of $6.08. Bitcoin Depot has a 52 week low of $0.45 and a 52 week high of $48.16. The firm has a market capitalization of $5.47 million, a PE ratio of 0.26 and a beta of 3.12. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 4.72.

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings results on Monday, March 16th. The company reported ($1.18) EPS 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 return on equity of 70.95% and a negative net margin of 0.94%. As a group, equities research analysts expect that Bitcoin Depot will post -2.22 earnings per share for the current year.

Institutional Investors Weigh In On Bitcoin Depot

A number of large investors have recently made changes to their positions in BTM. Bank of America Corp DE grew its stake in shares of 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 valued at $49,000 after acquiring an additional 9,622 shares during the period. Cetera Investment Advisers bought a new position in shares of Bitcoin Depot during the 2nd quarter valued at approximately $51,000. Kestra Private Wealth Services LLC bought a new position in shares of Bitcoin Depot during the 3rd quarter valued at approximately $36,000. Qube Research & Technologies Ltd bought a new position in shares of Bitcoin Depot during the 2nd quarter valued at approximately $74,000. Finally, Man Group plc bought a new position in shares of Bitcoin Depot during the 2nd quarter valued at approximately $84,000. 9.18% of the stock is currently owned by institutional investors.

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.