Verdence Capital Advisors LLC Makes New Investment in Bitcoin Depot Inc. (NASDAQ:BTM)

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Welch Capital Partners LLC NY raised its holdings in Bitcoin Depot by 480.1% in the 4th quarter. Welch Capital Partners LLC NY now owns 522,073 shares of the company's stock worth $846,000 after acquiring an additional 432,073 shares during the last quarter. Two Sigma Advisers LP bought a new position in Bitcoin Depot in the 4th quarter worth $267,000. Two Sigma Investments LP purchased a new stake in Bitcoin Depot in the 4th quarter worth $427,000. Blue Owl Capital Holdings LP lifted its stake in Bitcoin Depot by 480.0% in 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. Finally, Radcliffe Capital Management L.P. raised its position in shares of Bitcoin Depot by 134.3% during the 4th quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company's stock valued at $463,000 after buying an additional 163,854 shares in the last quarter. 9.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Bitcoin Depot Trading Down 0.6%

BTM stock traded down $0.03 on Thursday, hitting $5.45. The company's stock had a trading volume of 392,747 shares, compared to its average volume of 997,367. The firm has a 50 day moving average of $4.96 and a two-hundred day moving average of $2.65. Bitcoin Depot Inc. has a 1 year low of $0.93 and a 1 year high of $6.88. The stock has a market cap of $350.36 million, a price-to-earnings ratio of -28.74 and a beta of 0.87.

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

Bitcoin Depot 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.