Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Update

Bitcoin Depot Inc. (NASDAQ:BTM - Get Free Report) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 519,300 shares, an increase 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 volume of 1,050,000 shares, the days-to-cover ratio is presently 0.5 days.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM traded down $0.40 during midday trading on Wednesday, hitting $5.63. 1,766,156 shares of the stock were exchanged, compared to its average volume of 704,488. The business's 50-day moving average price is $2.83 and its 200 day moving average price is $1.97. Bitcoin Depot has a 12 month low of $0.93 and a 12 month high of $6.88. The stock has a market capitalization of $362.07 million, a price-to-earnings ratio of -29.63 and a beta of 0.75.

Bitcoin Depot (NASDAQ:BTM - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.09 by $0.11. Bitcoin Depot had a negative net margin of 0.99% and a negative return on equity of 488.33%. The business had revenue of $164.23 million for the quarter, compared to the consensus estimate of $151.67 million.

Insider Activity at Bitcoin Depot

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 20,476 shares of the firm's stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $1.33, for a total value of $27,233.08. Following the sale, the chief operating officer now owns 169,276 shares of the company's stock, valued at approximately $225,137.08. This trade represents a 10.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 70.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Bitcoin Depot

A number of hedge funds have recently modified their holdings of BTM. Welch Capital Partners LLC NY increased its holdings in Bitcoin Depot by 85.1% in the first quarter. Welch Capital Partners LLC NY now owns 966,250 shares of the company's stock valued at $1,459,000 after purchasing an additional 444,177 shares during the period. Radcliffe Capital Management L.P. grew its position in shares of Bitcoin Depot by 134.3% in the 4th quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company's stock valued at $463,000 after buying an additional 163,854 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at about $427,000. Two Sigma Advisers LP acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at about $267,000. Finally, Renaissance Technologies LLC raised its position 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 acquiring an additional 71,700 shares during the last quarter. Institutional investors and hedge funds own 9.18% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on BTM shares. Noble Financial reiterated an "outperform" rating on shares of Bitcoin Depot in a research report on Friday, June 13th. HC Wainwright restated a "buy" rating and issued a $4.00 price target on shares of Bitcoin Depot in a research note on Tuesday, March 18th. B. Riley upped their price objective 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. Northland Capmk raised shares of Bitcoin Depot from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 16th. Finally, Northland Securities upgraded shares of Bitcoin Depot from a "market perform" rating to an "outperform" rating and set a $5.00 target price on the stock in a research report on Friday, May 16th. Four research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $4.83.

Bitcoin Depot Company Profile

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.