Welch Capital Partners LLC NY Buys 444,177 Shares of Bitcoin Depot Inc. (NASDAQ:BTM)

Key Points

• Welch Capital Partners LLC NY increased its stock position in Bitcoin Depot Inc. by 85.1% in the first quarter, owning 966,250 shares worth approximately $1.46 million.
• Several institutional investors, including Renaissance Technologies LLC and Blue Owl Capital Holdings LP, have significantly increased their stakes in Bitcoin Depot, indicating growing interest in the company.
• Analysts have raised their ratings on Bitcoin Depot, with a consensus price target of $4.83 and several firms giving it an "outperform" or "strong-buy" rating.

Welch Capital Partners LLC NY boosted its holdings in Bitcoin Depot Inc. (NASDAQ:BTM - Free Report) by 85.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 966,250 shares of the company's stock after purchasing an additional 444,177 shares during the quarter. Bitcoin Depot comprises approximately 0.3% of Welch Capital Partners LLC NY's investment portfolio, making the stock its 12th largest holding. Welch Capital Partners LLC NY owned about 1.51% of Bitcoin Depot worth $1,459,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Blue Owl Capital Holdings LP lifted its stake in Bitcoin Depot by 480.0% during the 4th quarter. Blue Owl Capital Holdings LP now owns 18,125 shares of the company's stock valued at $29,000 after acquiring an additional 15,000 shares in the last quarter. Verdence Capital Advisors LLC bought a new position in Bitcoin Depot during the 1st quarter valued at $73,000. Renaissance Technologies LLC lifted its stake in Bitcoin Depot by 96.4% during the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company's stock valued at $237,000 after acquiring an additional 71,700 shares in the last quarter. Radcliffe Capital Management L.P. lifted its stake in 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 acquiring an additional 163,854 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in Bitcoin Depot during the 4th quarter valued at $267,000. Institutional investors and hedge funds own 9.18% of the company's stock.

Bitcoin Depot Stock Down 0.4%

BTM traded down $0.02 during trading hours on Friday, hitting $4.90. The stock had a trading volume of 740,262 shares, compared to its average volume of 1,210,635. The stock has a market cap of $315.13 million, a PE ratio of -25.79 and a beta of 0.86. Bitcoin Depot Inc. has a 1 year low of $0.93 and a 1 year high of $6.88. The company's fifty day simple moving average is $5.39 and its 200 day simple moving average is $2.94.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BTM shares. Northland Securities upgraded Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 target price on the stock in a research note on Friday, May 16th. Noble Financial reiterated an "outperform" rating on shares of Bitcoin Depot in a research note on Friday, June 13th. Northland Capmk upgraded Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 16th. Wall Street Zen upgraded Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, B. Riley lifted their target price on Bitcoin Depot from $4.70 to $5.50 and gave the stock a "buy" rating in a research note on Friday, May 16th. Four equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus 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.