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

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have been assigned an average recommendation of “Reduce” from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $4.10.

A number of equities research analysts recently weighed in on the stock. Noble Financial downgraded shares of Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 13th. Wall Street Zen cut shares of Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 19th. Finally, HC Wainwright lowered shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Tuesday, May 19th.

Bitcoin Depot Stock Performance

NASDAQ:BTM opened at $0.49 on Tuesday. Bitcoin Depot has a twelve month low of $0.45 and a twelve month high of $48.16. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 4.72. The stock has a market cap of $5.47 million, a P/E ratio of 0.26 and a beta of 3.12. The business’s 50-day moving average price is $0.73 and its two-hundred day moving average price is $4.02.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Bitcoin Depot by 11,320.0% in the second quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock valued at $49,000 after acquiring an additional 9,622 shares during the last quarter. Cetera Investment Advisers bought a new stake in Bitcoin Depot during the second quarter worth about $51,000. Kestra Private Wealth Services LLC purchased a new position in shares of Bitcoin Depot in the 3rd quarter worth about $36,000. Qube Research & Technologies Ltd purchased a new position in shares of Bitcoin Depot in the 2nd quarter worth about $74,000. Finally, Man Group plc bought a new position in shares of Bitcoin Depot during the 2nd quarter valued at about $84,000. 9.18% of the stock is currently owned by hedge funds and other institutional investors.

About Bitcoin Depot

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.