HC Wainwright Boosts Bitcoin Depot (NASDAQ:BTM) Price Target to $4.00

Bitcoin Depot (NASDAQ:BTM) had its price target lifted by investment analysts at HC Wainwright from $3.50 to $4.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 61.94% from the stock’s current price.

Other analysts also recently issued research reports about the company. Noble Financial restated an “outperform” rating on shares of Bitcoin Depot in a research note on Tuesday, March 17th. Wall Street Zen lowered shares of Bitcoin Depot from a “buy” rating to a “strong sell” rating in a report on Saturday, March 21st. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st. Finally, B. Riley Financial upped their price objective on shares of Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.40.

Bitcoin Depot Trading Down 5.7%

Shares of Bitcoin Depot stock opened at $2.47 on Wednesday. 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 fifty day moving average price of $5.75 and a 200 day moving average price of $12.73. Bitcoin Depot has a 1 year low of $2.35 and a 1 year high of $48.16. The stock has a market cap of $25.71 million, a PE ratio of 1.30 and a beta of 0.96.

Bitcoin Depot (NASDAQ:BTM) last posted its quarterly earnings results on Monday, March 16th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.71). The business had revenue of $116.04 million during the quarter, compared to analysts’ expectations of $113.93 million. Bitcoin Depot had a negative net margin of 0.94% and a negative return on equity of 70.95%.

Institutional Investors Weigh In On Bitcoin Depot

A number of institutional investors have recently added to or reduced their stakes in BTM. Kestra Private Wealth Services LLC acquired a new position in Bitcoin Depot during the third quarter worth $36,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at about $45,000. Bank of America Corp DE increased 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 worth $49,000 after purchasing an additional 9,622 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Bitcoin Depot during the second quarter worth about $51,000. Finally, Engineers Gate Manager LP raised its position in shares of Bitcoin Depot by 229.5% during 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 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.