Bitcoin Depot Inc. (NASDAQ:BTM) Sees Significant Growth in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) saw a significant growth in short interest in February. As of February 13th, there was short interest totaling 3,107,807 shares, a growth of 50.8% from the January 29th total of 2,060,966 shares. Currently, 62.0% of the shares of the stock are sold short. Based on an average daily volume of 1,246,609 shares, the days-to-cover ratio is currently 2.5 days. Based on an average daily volume of 1,246,609 shares, the days-to-cover ratio is currently 2.5 days. Currently, 62.0% of the shares of the stock are sold short.

Bitcoin Depot Trading Down 14.8%

Shares of BTM opened at $4.39 on Friday. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.88 and a current ratio of 1.88. The company has a market cap of $45.70 million, a price-to-earnings ratio of 2.73 and a beta of 0.87. The stock has a fifty day moving average price of $7.73 and a two-hundred day moving average price of $15.63. Bitcoin Depot has a 52-week low of $4.26 and a 52-week high of $48.16.

Analyst Upgrades and Downgrades

BTM has been the topic of several recent analyst reports. Noble Financial reaffirmed an “outperform” rating on shares of Bitcoin Depot in a research note on Tuesday. Wall Street Zen cut Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th. B. Riley Financial lowered shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $40.83.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTM. Kestra Private Wealth Services LLC bought a new stake in Bitcoin Depot during the 3rd quarter worth about $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Bitcoin Depot during the fourth quarter worth approximately $45,000. Bank of America Corp DE grew its stake 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 purchasing an additional 9,622 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Bitcoin Depot in the second quarter valued at approximately $51,000. Finally, Engineers Gate Manager LP increased its holdings in shares of Bitcoin Depot by 229.5% in the fourth quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock valued at $61,000 after purchasing an additional 33,112 shares in the last quarter. Institutional investors and hedge funds own 9.18% of the company’s stock.

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.