Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totaling 2,560,000 shares, a drop of 26.2% from the August 15th total of 3,470,000 shares. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 12.0% of the company's stock are sold short. Approximately 12.0% of the company's stock are sold short. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is currently 1.7 days.
Bitcoin Depot Stock Performance
BTM traded down $0.26 during trading on Friday, reaching $3.66. 1,161,603 shares of the company's stock were exchanged, compared to its average volume of 980,544. Bitcoin Depot has a fifty-two week low of $0.93 and a fifty-two week high of $6.88. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 12.34. The business has a 50 day moving average price of $4.45 and a 200 day moving average price of $3.42. The company has a market capitalization of $249.17 million, a P/E ratio of 36.60 and a beta of 0.84.
Bitcoin Depot (NASDAQ:BTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Bitcoin Depot had a negative return on equity of 44.12% and a net margin of 0.44%.The business had revenue of $172.11 million for the quarter, compared to analyst estimates of $168.00 million.
Wall Street Analyst Weigh In
A number of research firms have recently commented on BTM. HC Wainwright lifted their price target on shares of Bitcoin Depot from $5.00 to $6.50 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Zacks Research downgraded shares of Bitcoin Depot from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Finally, Noble Financial restated an "outperform" rating on shares of Bitcoin Depot in a research note on Friday, June 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Bitcoin Depot presently has an average rating of "Buy" and an average price target of $5.67.
View Our Latest Stock Report on Bitcoin Depot
Insider Activity at Bitcoin Depot
In other news, COO Christopher Scott Buchanan sold 22,000 shares of Bitcoin Depot stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $4.21, for a total value of $92,620.00. Following the transaction, the chief operating officer owned 147,276 shares of the company's stock, valued at $620,031.96. This trade represents a 13.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 70.23% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its holdings in shares of Bitcoin Depot by 11,320.0% during the second quarter. Bank of America Corp DE now owns 9,707 shares of the company's stock valued at $49,000 after acquiring an additional 9,622 shares during the period. Cetera Investment Advisers bought a new position in shares of Bitcoin Depot in the second quarter valued at about $51,000. Qube Research & Technologies Ltd bought a new position in shares of Bitcoin Depot in the second quarter valued at about $74,000. Truist Financial Corp bought a new position in shares of Bitcoin Depot in the second quarter valued at about $71,000. Finally, Man Group plc bought a new position in shares of Bitcoin Depot in the second quarter valued at about $84,000. 9.18% of the stock is owned by institutional investors.
Bitcoin Depot Company Profile
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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.
Further Reading
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