Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Increases By 37.9%

Key Points

• Short interest rose 37.9% month-over-month to 665,866 shares as of April 15, equal to 12.4% of the stock and a days-to-cover of 0.9, indicating increased bearish positioning.
• Bitcoin Depot reported a quarterly EPS loss of $1.18 versus estimates of ($0.47), and the stock opened down about 6.9% amid a small $75.6M market cap and a high debt-to-equity ratio (4.72).
• Analysts are mixed: MarketBeat shows a consensus "Hold" with an average target price of $14.40, despite recent earnings weakness and price volatility.

Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 665,866 shares, a growth of 37.9% from the March 31st total of 482,993 shares. Currently, 12.4% of the shares of the stock are short sold. Based on an average daily volume of 744,700 shares, the days-to-cover ratio is currently 0.9 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BTM. Kestra Private Wealth Services LLC acquired a new position in shares of Bitcoin Depot in the 3rd quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bitcoin Depot in the 4th quarter worth approximately $45,000. Bank of America Corp DE lifted its position in shares of Bitcoin Depot by 11,320.0% in the 2nd quarter. Bank of America Corp DE now owns 9,707 shares of the company's stock worth $49,000 after purchasing an additional 9,622 shares during the period. Cetera Investment Advisers acquired a new position in shares of Bitcoin Depot in the 2nd quarter worth approximately $51,000. Finally, Engineers Gate Manager LP lifted its position in shares of Bitcoin Depot by 229.5% in the 4th quarter. Engineers Gate Manager LP now owns 47,543 shares of the company's stock worth $61,000 after purchasing an additional 33,112 shares during the period. Institutional investors and hedge funds own 9.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BTM shares. Noble Financial reissued an "outperform" rating on shares of Bitcoin Depot in a report on Tuesday, March 17th. Wall Street Zen lowered shares of Bitcoin Depot from a "sell" rating to a "strong sell" rating in a report on Sunday, April 19th. Weiss Ratings reissued a "sell (d+)" rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. B. Riley Financial boosted their target price on shares of Bitcoin Depot to $4.20 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. Finally, HC Wainwright boosted their target price on shares of Bitcoin Depot from $3.50 to $4.00 and gave the stock a "buy" rating in a report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $14.40.

Bitcoin Depot Trading Down 6.9%

BTM opened at $6.79 on Tuesday. Bitcoin Depot has a fifty-two week low of $1.90 and a fifty-two week high of $48.16. The company has a debt-to-equity ratio of 4.72, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a market capitalization of $75.57 million, a price-to-earnings ratio of 3.58 and a beta of 1.26. The company's 50 day moving average price is $4.39 and its two-hundred day moving average price is $9.15.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last issued its quarterly earnings results on Monday, March 16th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.71). The firm had revenue of $116.04 million during the quarter, compared to analyst estimates of $113.93 million. Bitcoin Depot had a negative return on equity of 70.95% and a negative net margin of 0.94%. As a group, research analysts predict that Bitcoin Depot will post -2.12 earnings per share for the current year.

About Bitcoin Depot

Bitcoin Depot, Inc operates one of the largest networks of self-service cryptocurrency kiosks in North America, enabling customers to buy and sell Bitcoin and other digital assets using cash or debit cards. Through a partnership model with convenience stores, gas stations and retail outlets, the company provides an accessible on-ramp and off-ramp for individuals entering the cryptocurrency market without requiring a bank account or extensive technical knowledge. Transactions are completed in real time at the point of sale, with verification and receipt provided via email or mobile phone.

Founded in 2016 and headquartered in Atlanta, Georgia, Bitcoin Depot began as a privately held startup focused on expanding retail access to digital currencies.

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