Bitcoin Depot Inc. (NASDAQ:BTM) Receives Consensus Rating of “Reduce” from Brokerages

Bitcoin Depot Inc. (NASDAQ:BTM) has been given a consensus recommendation of “Reduce” by the five ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $4.10.

Several equities research analysts recently commented on the company. B. Riley Financial upped their target price on Bitcoin Depot to $4.20 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Wall Street Zen lowered Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. HC Wainwright lowered Bitcoin Depot from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 19th. Finally, Noble Financial lowered Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 13th.

Bitcoin Depot Price Performance

Shares of Bitcoin Depot stock opened at $0.49 on Friday. Bitcoin Depot has a one year low of $0.45 and a one year high of $48.16. 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 stock’s 50-day moving average is $2.59 and its 200 day moving average is $5.11. The firm has a market cap of $5.47 million, a price-to-earnings ratio of 0.26 and a beta of 3.12.

Institutional Investors Weigh In On Bitcoin Depot

Several institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its position in shares of Bitcoin Depot by 12.4% during the 4th quarter. Renaissance Technologies LLC now owns 1,534,631 shares of the company’s stock valued at $1,980,000 after purchasing an additional 168,900 shares in the last quarter. Owl Creek Asset Management L.P. bought a new position in Bitcoin Depot in the fourth quarter worth approximately $1,935,000. Welch Capital Partners LLC NY boosted its holdings in Bitcoin Depot by 14.3% in the third quarter. Welch Capital Partners LLC NY now owns 1,469,313 shares of the company’s stock worth $4,937,000 after acquiring an additional 184,123 shares in the last quarter. Sabby Management LLC bought a new position in Bitcoin Depot in the fourth quarter worth approximately $1,292,000. Finally, Vanguard Group Inc. boosted its holdings in Bitcoin Depot by 54.9% in the third quarter. Vanguard Group Inc. now owns 951,318 shares of the company’s stock worth $3,196,000 after acquiring an additional 337,070 shares in the last quarter. Institutional investors 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.