Bitcoin Depot Inc. (NASDAQ:BTM) Given Consensus Rating of "Buy" by Analysts

Key Points

• Bitcoin Depot Inc. (NASDAQ:BTM) has a consensus rating of "Buy" from six analysts, with an average 12-month price target of $5.67.
• Insider COO Christopher Scott Buchanan sold 22,000 shares at approximately $4.21 each, reducing his ownership by 13%.
• Institutional investors, including Bank of America, significantly increased their holdings, with Bank of America boosting its position by 11,320% in the second quarter.

Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) has earned an average rating of "Buy" from the six ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $5.6667.

A number of analysts have recently commented on BTM shares. Noble Financial reiterated an "outperform" rating on shares of Bitcoin Depot in a research note on Friday, June 13th. HC Wainwright lifted their price target on shares of Bitcoin Depot from $5.00 to $6.50 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Finally, Zacks Research lowered shares of Bitcoin Depot from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th.

Insider Activity at Bitcoin Depot

In other news, COO Christopher Scott Buchanan sold 22,000 shares of Bitcoin Depot stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $4.21, for a total value of $92,620.00. Following the completion of the sale, the chief operating officer directly owned 147,276 shares in the company, valued at $620,031.96. The trade was a 13.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 70.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bitcoin Depot

A number of institutional investors and hedge funds have recently made changes to their positions in BTM. Bank of America Corp DE boosted its holdings in shares of Bitcoin Depot by 11,320.0% in the second 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 shares of Bitcoin Depot in the second quarter worth approximately $51,000. Truist Financial Corp purchased a new position in shares of Bitcoin Depot in the second quarter worth approximately $71,000. Verdence Capital Advisors LLC purchased a new position in Bitcoin Depot during the first quarter valued at approximately $73,000. Finally, Qube Research & Technologies Ltd purchased a new position in Bitcoin Depot during the second quarter valued at approximately $74,000. Hedge funds and other institutional investors own 9.18% of the company's stock.

Bitcoin Depot Price Performance

NASDAQ:BTM opened at $3.63 on Wednesday. The firm has a market cap of $247.13 million, a P/E ratio of 36.30 and a beta of 0.84. The company has a debt-to-equity ratio of 12.34, a quick ratio of 1.41 and a current ratio of 1.41. Bitcoin Depot has a fifty-two week low of $0.93 and a fifty-two week high of $6.88. The firm has a 50-day simple moving average of $4.34 and a two-hundred day simple moving average of $3.48.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Bitcoin Depot had a net margin of 0.44% and a negative return on equity of 44.12%. The firm had revenue of $172.11 million for the quarter, compared to the consensus estimate of $168.00 million.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.

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