Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Up 73.9% in May

Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 519,300 shares, a growth of 73.9% from the May 15th total of 298,600 shares. Approximately 3.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,050,000 shares, the days-to-cover ratio is presently 0.5 days.

Bitcoin Depot Trading Down 0.5%

NASDAQ BTM traded down $0.03 during trading hours on Friday, reaching $6.22. The company had a trading volume of 2,302,691 shares, compared to its average volume of 684,208. The stock has a 50-day moving average of $2.63 and a 200 day moving average of $1.91. Bitcoin Depot has a 1-year low of $0.93 and a 1-year high of $6.66. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 9.33. The stock has a market capitalization of $400.02 million, a P/E ratio of -6.69 and a beta of 0.75.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.11. The business had revenue of $164.23 million for the quarter, compared to analysts' expectations of $151.67 million. Bitcoin Depot had a negative net margin of 2.28% and a negative return on equity of 488.33%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BTM shares. Northland Securities raised shares of Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 price objective for the company in a report on Friday, May 16th. B. Riley upped their target price on shares of Bitcoin Depot from $4.70 to $5.50 and gave the company a "buy" rating in a research report on Friday, May 16th. Northland Capmk raised shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 16th. HC Wainwright reaffirmed a "buy" rating and issued a $4.00 target price on shares of Bitcoin Depot in a research report on Tuesday, March 18th. Finally, Wall Street Zen raised shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and an average price target of $4.83.

Insider Transactions at Bitcoin Depot

In related news, COO Christopher Scott Buchanan sold 20,476 shares of the company's stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $1.33, for a total value of $27,233.08. Following the completion of the sale, the chief operating officer now owns 169,276 shares of the company's stock, valued at approximately $225,137.08. This represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 70.23% of the company's stock.

Institutional Trading of Bitcoin Depot

Hedge funds have recently made changes to their positions in the business. Two Sigma Investments LP acquired a new stake in shares of Bitcoin Depot during the fourth quarter worth about $427,000. Two Sigma Advisers LP purchased a new stake in shares of Bitcoin Depot during the fourth quarter worth approximately $267,000. Welch Capital Partners LLC NY increased its stake in shares of Bitcoin Depot by 480.1% during the fourth quarter. Welch Capital Partners LLC NY now owns 522,073 shares of the company's stock worth $846,000 after buying an additional 432,073 shares during the period. Renaissance Technologies LLC increased its stake in shares of Bitcoin Depot by 96.4% during the fourth 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. Finally, Blue Owl Capital Holdings LP increased its stake in shares of 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 buying an additional 15,000 shares during the period. 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.