Bitcoin Depot Inc. (NASDAQ:BTM) Receives Average Recommendation of “Hold” from Analysts

Bitcoin Depot Inc. (NASDAQ:BTM) has been assigned a consensus recommendation of “Hold” from the six research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $5.8333.

BTM has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. B. Riley Financial downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research report on Friday, November 14th. Finally, Wall Street Zen downgraded shares of Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th.

Institutional Trading of Bitcoin Depot

A number of large investors have recently made changes to their positions in BTM. Bank of America Corp DE raised its stake in 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 worth $49,000 after purchasing an additional 9,622 shares during the period. Cetera Investment Advisers acquired a new stake in Bitcoin Depot during the 2nd quarter worth approximately $51,000. Kestra Private Wealth Services LLC purchased a new position in Bitcoin Depot in the third quarter valued at approximately $36,000. Qube Research & Technologies Ltd acquired a new position in shares of Bitcoin Depot during the 2nd quarter valued at $74,000. Finally, Man Group plc acquired a new position in shares of Bitcoin Depot during the second quarter worth about $84,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Bitcoin Depot Trading Down 5.8%

NASDAQ BTM opened at $0.89 on Friday. The company has a quick ratio of 1.88, a current ratio of 1.88 and a debt-to-equity ratio of 2.86. The stock has a market capitalization of $65.20 million, a P/E ratio of 3.89 and a beta of 0.87. Bitcoin Depot has a 52-week low of $0.76 and a 52-week high of $6.88. The firm has a 50-day moving average price of $1.16 and a 200 day moving average price of $2.39.

Shares of Bitcoin Depot are scheduled to reverse split before the market opens on Monday, February 23rd. The 1-7 reverse split was announced on Thursday, February 19th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, February 20th.

Bitcoin Depot Company Profile

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.