Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Down 85.0% in February

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large decline in short interest in the month of February. As of February 27th, there was short interest totaling 466,106 shares, a decline of 85.0% from the February 12th total of 3,107,807 shares. Currently, 9.3% of the shares of the company are sold short. Based on an average daily volume of 163,109 shares, the days-to-cover ratio is currently 2.9 days. Based on an average daily volume of 163,109 shares, the days-to-cover ratio is currently 2.9 days. Currently, 9.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Bitcoin Depot

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. B. Riley Financial lowered Bitcoin Depot from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Noble Financial reaffirmed an “outperform” rating on shares of Bitcoin Depot in a research report on Tuesday, February 24th. Finally, Wall Street Zen downgraded Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 15th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $40.83.

Bitcoin Depot Stock Performance

Shares of BTM opened at $4.84 on Wednesday. The stock’s 50-day simple moving average is $7.15 and its 200 day simple moving average is $14.41. The stock has a market capitalization of $50.38 million, a price-to-earnings ratio of 3.01 and a beta of 0.96. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.88 and a current ratio of 1.88. Bitcoin Depot has a 52-week low of $4.26 and a 52-week high of $48.16.

Bitcoin Depot Company Profile

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.