Bitcoin Depot Inc. (NASDAQ:BTM) Receives $5.67 Average Price Target from Brokerages

Key Points

• Bitcoin Depot Inc. (NASDAQ:BTM) has received a consensus rating of "Buy" from six research firms, with one hold and multiple buy recommendations, indicating strong analyst confidence in the stock.
• The average target price for Bitcoin Depot among analysts is $5.67, reflecting a positive outlook on its future performance despite a recent earnings miss.
• Insider activity saw COO Christopher Scott Buchanan selling 22,000 shares at an average price of $4.21, which represents a 13% decrease in his holdings.

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

A number of research firms have recently commented on BTM. Northland Securities upgraded shares of Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 price target for the company in a research report on Friday, May 16th. Northland Capmk upgraded shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 16th. Noble Financial restated an "outperform" rating on shares of Bitcoin Depot in a research report on Friday, June 13th. B. Riley boosted their price target on shares of Bitcoin Depot from $4.70 to $5.50 and gave the company a "buy" rating in a research report on Friday, May 16th. Finally, Zacks Research lowered shares of Bitcoin Depot from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th.

Insider Activity at Bitcoin Depot

In other news, COO Christopher Scott Buchanan sold 22,000 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $4.21, for a total transaction of $92,620.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 70.23% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bitcoin Depot

Several hedge funds have recently added to or reduced their stakes in BTM. Marshall Wace LLP purchased a new stake in Bitcoin Depot during the second quarter valued at about $4,097,000. Welch Capital Partners LLC NY grew its holdings in shares of Bitcoin Depot by 85.1% during the first quarter. Welch Capital Partners LLC NY now owns 966,250 shares of the company's stock valued at $1,459,000 after buying an additional 444,177 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Bitcoin Depot in the fourth quarter worth approximately $427,000. Lazard Asset Management LLC purchased a new stake in Bitcoin Depot in the second quarter worth approximately $1,149,000. Finally, Two Sigma Advisers LP purchased a new stake in Bitcoin Depot in the fourth quarter worth approximately $267,000. Institutional investors own 9.18% of the company's stock.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM traded down $0.05 during mid-day trading on Friday, reaching $3.57. The company had a trading volume of 433,520 shares, compared to its average volume of 983,402. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 12.34. The firm has a market cap of $242.71 million, a price-to-earnings ratio of 35.60 and a beta of 0.84. The company's 50-day moving average price is $4.87 and its 200-day moving average price is $3.22. Bitcoin Depot has a one year low of $0.93 and a one year high of $6.88.

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