Bitcoin Depot (NASDAQ:BTM) Raised to “Outperform” at Northland Securities

Bitcoin Depot (NASDAQ:BTM) was upgraded by research analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage presently has a $5.00 target price on the stock. Northland Securities’ price objective suggests a potential upside of 86.57% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. B. Riley reaffirmed a “buy” rating and issued a $4.70 price objective (up previously from $4.50) on shares of Bitcoin Depot in a research note on Wednesday, March 19th. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Bitcoin Depot in a report on Tuesday, March 18th. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Bitcoin Depot has an average rating of “Buy” and an average target price of $4.83.

Bitcoin Depot Price Performance

Shares of Bitcoin Depot stock opened at $2.68 on Friday. Bitcoin Depot has a 52-week low of $0.93 and a 52-week high of $3.52. The stock has a market capitalization of $171.36 million, a price-to-earnings ratio of -2.88 and a beta of -0.27. The company has a fifty day moving average of $1.45 and a 200-day moving average of $1.58. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91.

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.11. Bitcoin Depot had a negative net margin of 2.28% and a negative return on equity of 488.33%.

Insider Activity

In other news, COO Christopher Scott Buchanan sold 29,524 shares of Bitcoin Depot stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $1.44, for a total transaction of $42,514.56. Following the sale, the chief operating officer now owns 189,752 shares of the company’s stock, valued at approximately $273,242.88. The trade was a 13.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 70.23% of the company’s stock.

Institutional Investors Weigh In On Bitcoin Depot

A number of large investors have recently modified their holdings of BTM. Blue Owl Capital Holdings LP boosted its stake in shares of Bitcoin Depot by 480.0% during the 4th quarter. Blue Owl Capital Holdings LP now owns 18,125 shares of the company’s stock valued at $29,000 after purchasing an additional 15,000 shares in the last quarter. Verdence Capital Advisors LLC purchased a new position in Bitcoin Depot during the 1st quarter valued at about $73,000. Renaissance Technologies LLC lifted its position in Bitcoin Depot by 96.4% during the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company’s stock valued at $237,000 after acquiring an additional 71,700 shares during the period. Two Sigma Advisers LP purchased a new position in Bitcoin Depot during the 4th quarter valued at about $267,000. Finally, Two Sigma Investments LP purchased a new position in Bitcoin Depot during the 4th quarter valued at about $427,000. Institutional investors own 9.18% of the company’s stock.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.