Bitcoin Depot (NASDAQ:BTM) Trading Up 1.6% – What’s Next?

Bitcoin Depot Inc. (NASDAQ:BTM)’s stock price shot up 1.6% during mid-day trading on Monday . The company traded as high as $1.33 and last traded at $1.30. 730,780 shares were traded during mid-day trading, a decline of 18% from the average session volume of 895,360 shares. The stock had previously closed at $1.28.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday, October 8th. B. Riley downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research note on Friday, November 14th. Finally, Wall Street Zen downgraded Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Bitcoin Depot currently has an average rating of “Moderate Buy” and an average target price of $5.83.

Bitcoin Depot Stock Performance

The company’s 50-day simple moving average is $1.89 and its 200 day simple moving average is $3.55. The stock has a market cap of $94.72 million, a P/E ratio of 5.65 and a beta of 0.85. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.86.

Bitcoin Depot (NASDAQ:BTM) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $162.48 million during the quarter, compared to the consensus estimate of $153.11 million. Bitcoin Depot had a return on equity of 791.02% and a net margin of 1.44%.

Insider Activity

In other news, COO Christopher Scott Buchanan sold 7,000 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $3.82, for a total transaction of $26,740.00. Following the completion of the sale, the chief operating officer directly owned 133,276 shares of the company’s stock, valued at $509,114.32. This trade represents a 4.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 21,000 shares of company stock worth $55,580. Company insiders own 51.95% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BTM. Welch Capital Partners LLC NY boosted its holdings in Bitcoin Depot by 14.3% in the 3rd quarter. Welch Capital Partners LLC NY now owns 1,469,313 shares of the company’s stock worth $4,937,000 after buying an additional 184,123 shares during the period. Vanguard Group Inc. lifted its position in shares of Bitcoin Depot by 54.9% during 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. Marshall Wace LLP purchased a new stake in shares of Bitcoin Depot during the second quarter worth $4,097,000. Two Sigma Investments LP boosted its holdings in shares of Bitcoin Depot by 19.2% in the third quarter. Two Sigma Investments LP now owns 604,387 shares of the company’s stock worth $2,031,000 after acquiring an additional 97,506 shares during the period. Finally, Man Group plc grew its position in shares of Bitcoin Depot by 1,803.0% in the third quarter. Man Group plc now owns 315,581 shares of the company’s stock valued at $1,060,000 after purchasing an additional 298,998 shares in the last quarter. Hedge funds and other 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.