Verdence Capital Advisors LLC Invests $73,000 in Bitcoin Depot Inc. (NASDAQ:BTM)

Verdence Capital Advisors LLC bought a new stake in Bitcoin Depot Inc. (NASDAQ:BTM - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 48,179 shares of the company's stock, valued at approximately $73,000. Verdence Capital Advisors LLC owned about 0.08% of Bitcoin Depot as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Welch Capital Partners LLC NY increased its holdings in shares of Bitcoin Depot by 480.1% in the 4th quarter. Welch Capital Partners LLC NY now owns 522,073 shares of the company's stock valued at $846,000 after purchasing an additional 432,073 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Bitcoin Depot during the 4th quarter valued at approximately $427,000. Two Sigma Advisers LP purchased a new stake in shares of Bitcoin Depot during the 4th quarter worth approximately $267,000. Radcliffe Capital Management L.P. grew 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 period. Finally, Renaissance Technologies LLC increased its stake in Bitcoin Depot by 96.4% in the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company's stock valued at $237,000 after purchasing an additional 71,700 shares in the last quarter. Institutional investors and hedge funds own 9.18% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on BTM shares. Noble Financial reiterated an "outperform" rating on shares of Bitcoin Depot in a research report on Friday, June 13th. 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 report on Friday, May 16th. Northland Capmk upgraded Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a report on Friday, May 16th. B. Riley upped their target price on Bitcoin Depot from $4.70 to $5.50 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, Wall Street Zen raised Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Four equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $4.83.

Bitcoin Depot Stock Up 1.7%

Bitcoin Depot stock traded up $0.09 during midday trading on Tuesday, hitting $5.53. The company's stock had a trading volume of 988,698 shares, compared to its average volume of 852,915. Bitcoin Depot Inc. has a 12 month low of $0.93 and a 12 month high of $6.88. The stock's 50-day moving average price is $4.74 and its 200-day moving average price is $2.58. The company has a market capitalization of $355.65 million, a PE ratio of -29.11 and a beta of 0.87.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.09 by $0.11. The firm had revenue of $164.23 million during the quarter, compared to analysts' expectations of $151.67 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.