Welch Capital Partners LLC NY Boosts Position in 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 raised its position in Bitcoin Depot Inc. (NASDAQ:BTM - Free Report) by 85.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 966,250 shares of the company's stock after buying an additional 444,177 shares during the period. Bitcoin Depot comprises 0.3% of Welch Capital Partners LLC NY's investment portfolio, making the stock its 12th biggest position. Welch Capital Partners LLC NY owned approximately 1.51% of Bitcoin Depot worth $1,459,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BTM. Renaissance Technologies LLC raised its stake in shares of Bitcoin Depot by 96.4% during the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company's stock worth $237,000 after buying an additional 71,700 shares during the period. Radcliffe Capital Management L.P. increased its holdings in 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 in the last quarter. Blue Owl Capital Holdings LP raised its position in Bitcoin Depot by 480.0% during the fourth quarter. Blue Owl Capital Holdings LP now owns 18,125 shares of the company's stock worth $29,000 after acquiring an additional 15,000 shares during the period. Two Sigma Investments LP purchased a new position in Bitcoin Depot during the fourth quarter valued at $427,000. Finally, Two Sigma Advisers LP purchased a new position in Bitcoin Depot during the fourth quarter valued at $267,000. Institutional investors and hedge funds own 9.18% of the company's stock.

Analyst Ratings Changes

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

Bitcoin Depot Price Performance

BTM traded down $0.05 on Thursday, reaching $4.92. 432,986 shares of the company's stock were exchanged, compared to its average volume of 1,243,297. Bitcoin Depot Inc. has a twelve month low of $0.93 and a twelve month high of $6.88. The stock has a market cap of $316.41 million, a PE ratio of -25.89 and a beta of 0.86. The stock's fifty day moving average price is $5.37 and its 200-day moving average price is $2.91.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.11. The business 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.