Bitcoin Depot Inc. (NASDAQ:BTM) Receives Average Recommendation of "Buy" from Brokerages

Shares of Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) have earned an average recommendation of "Buy" from the five brokerages that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $4.83.

BTM has been the topic of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $4.00 price objective on shares of Bitcoin Depot in a research note on Tuesday, March 18th. Northland Capmk raised shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 16th. Wall Street Zen raised shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Northland Securities raised shares of Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 price target on the stock in a research report on Friday, May 16th. Finally, Noble Financial reaffirmed an "outperform" rating on shares of Bitcoin Depot in a research report on Friday, June 13th.

Hedge Funds Weigh In On Bitcoin Depot

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Owl Capital Holdings LP boosted its position in shares of Bitcoin Depot by 480.0% during the 4th quarter. Blue Owl Capital Holdings LP now owns 18,125 shares of the company's stock worth $29,000 after purchasing an additional 15,000 shares in the last quarter. Verdence Capital Advisors LLC acquired a new stake in shares of Bitcoin Depot in the 1st quarter worth about $73,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Bitcoin Depot in the 2nd quarter worth about $259,000. Renaissance Technologies LLC raised its holdings in shares of Bitcoin Depot by 96.4% in the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company's stock worth $237,000 after acquiring an additional 71,700 shares during the last quarter. Finally, Radcliffe Capital Management L.P. raised its holdings in shares of Bitcoin Depot by 134.3% in the 4th quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company's stock worth $463,000 after acquiring an additional 163,854 shares during the last quarter. Institutional investors own 9.18% of the company's stock.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM opened at $5.66 on Friday. The company has a fifty day moving average of $4.24 and a 200-day moving average of $2.41. The company has a market capitalization of $363.99 million, a PE ratio of -29.79 and a beta of 0.87. Bitcoin Depot has a 52-week low of $0.93 and a 52-week high of $6.88.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.11. The company had revenue of $164.23 million for the quarter, compared to analyst estimates of $151.67 million.

About Bitcoin Depot

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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