Bitcoin Depot Inc. (NASDAQ:BTM) Sees Large Increase in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 436,900 shares, a growth of 27.7% from the March 31st total of 342,200 shares. Based on an average daily volume of 250,600 shares, the short-interest ratio is currently 1.7 days. Currently, 11.5% of the shares of the company are sold short.

Insider Buying and Selling at Bitcoin Depot

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 14,512 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $2.48, for a total transaction of $35,989.76. Following the completion of the sale, the chief operating officer now directly owns 338,741 shares of the company's stock, valued at $840,077.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Bitcoin Depot news, insider Brandon Taylor Mintz sold 62,865 shares of the company's stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $1.99, for a total transaction of $125,101.35. Following the completion of the sale, the insider now directly owns 759,567 shares of the company's stock, valued at $1,511,538.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Christopher Scott Buchanan sold 14,512 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $2.48, for a total transaction of $35,989.76. Following the sale, the chief operating officer now directly owns 338,741 shares of the company's stock, valued at $840,077.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,034,353 shares of company stock valued at $5,247,590. Insiders own 20.09% of the company's stock.

Hedge Funds Weigh In On Bitcoin Depot

A number of hedge funds and other institutional investors have recently modified their holdings of BTM. Cowen AND Company LLC bought a new position in Bitcoin Depot during the third quarter valued at $35,000. Owl Creek Asset Management L.P. purchased a new stake in shares of Bitcoin Depot in the fourth quarter valued at $68,000. Saba Capital Management L.P. purchased a new stake in shares of Bitcoin Depot in the third quarter valued at $305,000. Kepos Capital LP purchased a new stake in shares of Bitcoin Depot in the third quarter valued at $368,000. Finally, Exchange Traded Concepts LLC purchased a new position in Bitcoin Depot in the 3rd quarter worth about $703,000. Institutional investors own 9.18% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. HC Wainwright dropped their price target on shares of Bitcoin Depot from $5.00 to $4.00 and set a "buy" rating for the company in a research report on Tuesday, March 26th. B. Riley dropped their price target on shares of Bitcoin Depot from $6.00 to $4.00 and set a "buy" rating for the company in a research report on Tuesday, March 26th.

Bitcoin Depot Price Performance

Shares of NASDAQ:BTM remained flat at $1.80 during midday trading on Friday. 58,021 shares of the company were exchanged, compared to its average volume of 218,460. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.81 and a current ratio of 0.81. The company's 50 day moving average is $2.14 and its two-hundred day moving average is $2.34. Bitcoin Depot has a 12-month low of $1.36 and a 12-month high of $10.86.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last issued its earnings results on Monday, April 15th. The company reported ($0.50) earnings per share for the quarter. The company had revenue of $148.41 million for the quarter. As a group, sell-side analysts expect that Bitcoin Depot will post 0.23 earnings per share for the current fiscal year.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. It provides users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies; and engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering and through its website over the counter trade.