HC Wainwright Issues Positive Forecast for Bitcoin Depot (NASDAQ:BTM) Stock Price

Key Points

• HC Wainwright has raised its price target for Bitcoin Depot (NASDAQ:BTM) from $5.00 to $6.50, indicating a potential upside of 54.03% from the current share price.
• The stock has received multiple upgrades from analysts, with an average rating of "Buy" and a price target of $5.67 from various research firms.
• Bitcoin Depot recently reported quarterly earnings with $0.16 EPS, slightly below analyst expectations, but exceeding revenue predictions by posting $172.11 million.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) had its price objective increased by HC Wainwright from $5.00 to $6.50 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's price target suggests a potential upside of 54.03% from the company's current price.

A number of other equities research analysts also recently issued reports on the stock. Noble Financial reaffirmed an "outperform" rating on shares of Bitcoin Depot in a research note on Friday, June 13th. B. Riley raised their price target on shares of Bitcoin Depot from $4.70 to $5.50 and gave the stock a "buy" rating in a research 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. Northland Securities raised 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 note on Friday, May 16th. Finally, Northland Capmk raised shares of Bitcoin Depot from a "hold" rating to a "strong-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 company's stock. According to MarketBeat, Bitcoin Depot presently has an average rating of "Buy" and an average price target of $5.67.

Bitcoin Depot Price Performance

Shares of NASDAQ BTM opened at $4.22 on Wednesday. The stock has a market cap of $271.40 million, a P/E ratio of -22.21 and a beta of 0.86. Bitcoin Depot has a 1 year low of $0.93 and a 1 year high of $6.88. The firm has a 50-day moving average of $5.40 and a 200 day moving average of $2.98.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The firm had revenue of $172.11 million for the quarter, compared to analysts' expectations of $168.00 million.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BTM. Welch Capital Partners LLC NY increased its stake in shares of Bitcoin Depot by 85.1% during the first quarter. Welch Capital Partners LLC NY now owns 966,250 shares of the company's stock worth $1,459,000 after buying an additional 444,177 shares during the period. Radcliffe Capital Management L.P. increased its stake in shares of Bitcoin Depot by 134.3% during the fourth quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company's stock worth $463,000 after buying an additional 163,854 shares during the period. Two Sigma Investments LP purchased a new stake in shares of Bitcoin Depot during the fourth quarter worth approximately $427,000. Geode Capital Management LLC increased its stake 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 last quarter. Finally, Two Sigma Advisers LP purchased a new position in Bitcoin Depot in the fourth quarter valued at approximately $267,000. Institutional investors and hedge funds own 9.18% of the company's stock.

About Bitcoin Depot

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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