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

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have received a consensus recommendation of “Buy” from the five brokerages that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $4.83.

BTM has been the topic of several recent research reports. B. Riley increased their price target on shares of Bitcoin Depot from $4.70 to $5.50 and gave the stock a “buy” rating in a research report on Friday, May 16th. Wall Street Zen upgraded shares of Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Northland Securities upgraded shares of Bitcoin Depot from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a research report on Friday, May 16th. Northland Capmk upgraded shares of Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitcoin Depot in a research report on Tuesday, March 18th.

Insider Buying and Selling at Bitcoin Depot

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Two Sigma Investments LP purchased a new position in shares of Bitcoin Depot in the 4th quarter worth approximately $427,000. Two Sigma Advisers LP purchased a new position in shares of Bitcoin Depot in the 4th quarter worth approximately $267,000. Welch Capital Partners LLC NY grew its position in shares of Bitcoin Depot by 480.1% in the 4th quarter. Welch Capital Partners LLC NY now owns 522,073 shares of the company’s stock worth $846,000 after buying an additional 432,073 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Bitcoin Depot by 96.4% in the 4th quarter. Renaissance Technologies LLC now owns 146,100 shares of the company’s stock worth $237,000 after buying an additional 71,700 shares during the last quarter. Finally, Blue Owl Capital Holdings LP grew its position in shares of Bitcoin Depot by 480.0% in the 4th quarter. Blue Owl Capital Holdings LP now owns 18,125 shares of the company’s stock worth $29,000 after buying an additional 15,000 shares during the last quarter. Hedge funds and other institutional investors own 9.18% of the company’s stock.

Bitcoin Depot Stock Performance

NASDAQ BTM opened at $6.22 on Monday. Bitcoin Depot has a 52-week low of $0.93 and a 52-week high of $6.66. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $400.02 million, a P/E ratio of -6.69 and a beta of 0.75. The company has a fifty day moving average of $2.63 and a 200-day moving average of $1.91.

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company had revenue of $164.23 million for the quarter, compared to analysts’ expectations of $151.67 million.

About Bitcoin Depot

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.