Bitcoin Depot (NASDAQ:BTM) Issues Quarterly Earnings Results

Key Points

• Bitcoin Depot reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate by $0.01, despite achieving revenue of $172.11 million, exceeding expectations of $168 million.
• The company's stock price fell to $4.20, with a recent trading volume significantly higher than its average, indicating heightened market activity.
• Analysts maintain a generally positive outlook with multiple upgrades, including a target price increase from $4.70 to $5.50, and an average rating of "Buy" for the stock.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) posted its earnings results on Tuesday. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01), Zacks reports. The business had revenue of $172.11 million during the quarter, compared to the consensus estimate of $168.00 million.

Bitcoin Depot Stock Performance

Shares of NASDAQ BTM traded down $0.62 during trading on Tuesday, reaching $4.20. The stock had a trading volume of 2,207,416 shares, compared to its average volume of 993,273. The company has a market cap of $270.29 million, a P/E ratio of -22.08 and a beta of 0.86. The business's 50-day moving average price is $5.41 and its 200-day moving average price is $2.97. Bitcoin Depot has a fifty-two week low of $0.93 and a fifty-two week high of $6.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BTM. Geode Capital Management LLC boosted its holdings in Bitcoin Depot by 35.9% in the second quarter. Geode Capital Management LLC now owns 171,606 shares of the company's stock valued at $870,000 after purchasing an additional 45,300 shares during the period. Cetera Investment Advisers acquired a new stake in shares of Bitcoin Depot during the second quarter worth about $51,000. Finally, JPMorgan Chase & Co. increased its position in shares of Bitcoin Depot by 591,055.6% during the second quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company's stock worth $809,000 after purchasing an additional 159,585 shares in the last quarter. 9.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on BTM shares. Noble Financial reissued an "outperform" rating on shares of Bitcoin Depot in a research note on Friday, June 13th. Northland Securities raised Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 target price for the company in a research note on Friday, May 16th. Northland Capmk raised Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 16th. Wall Street Zen raised Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, B. Riley lifted their price objective on Bitcoin Depot from $4.70 to $5.50 and gave the company a "buy" rating in a research note on Friday, May 16th. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $4.83.

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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