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

Key Points

• Short interest in Bitcoin Depot plunged by 85.0% in February to 466,106 shares, leaving about 9.3% of shares sold short and a days-to-cover ratio of 2.9 days.
• The stock traded up ~2.3% to $4.84, with a market cap of about $50.4 million, a PE ratio near 3.01, and a 12-month range of $4.26–$48.16.
• Institutional interest has grown (Invesco boosted its stake by 125% and Owl Creek holds a $1.935M position), while analyst coverage is mixed—consensus is a "Hold" with a target price of $40.83.

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

Bitcoin Depot Trading Up 2.3%

NASDAQ BTM traded up $0.11 during trading on Tuesday, hitting $4.84. The stock had a trading volume of 157,041 shares, compared to its average volume of 159,895. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 2.86. The company has a market capitalization of $50.38 million, a PE ratio of 3.01 and a beta of 0.96. The firm has a 50 day moving average price of $7.24 and a 200 day moving average price of $14.57. Bitcoin Depot has a twelve month low of $4.26 and a twelve month high of $48.16.

Institutional Investors Weigh In On Bitcoin Depot

Several large investors have recently added to or reduced their stakes in BTM. Caitong International Asset Management Co. Ltd acquired a new stake in Bitcoin Depot during the 4th quarter worth approximately $45,000. Aristides Capital LLC acquired a new position in shares of Bitcoin Depot in the fourth quarter worth $137,000. Invesco Ltd. grew its stake in shares of Bitcoin Depot by 125.0% in the fourth quarter. Invesco Ltd. now owns 177,046 shares of the company's stock worth $228,000 after acquiring an additional 98,372 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Bitcoin Depot during the fourth quarter worth $210,000. Finally, Owl Creek Asset Management L.P. acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at $1,935,000. 9.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. Wall Street Zen cut shares of Bitcoin Depot from a "strong-buy" rating to a "buy" rating in a research report on Saturday, November 15th. B. Riley Financial downgraded shares of Bitcoin Depot from a "buy" rating to a "neutral" rating in a research note on Friday, November 14th. Finally, Noble Financial restated an "outperform" rating on shares of Bitcoin Depot in a report on Tuesday, February 24th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $40.83.

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.

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