HC Wainwright Issues Positive Forecast for Bitcoin Depot (NASDAQ:BTM) Stock Price

Bitcoin Depot (NASDAQ:BTM) had its price target boosted by HC Wainwright from $3.50 to $4.00 in a report issued on Wednesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on BTM. Wall Street Zen cut shares of Bitcoin Depot from a “buy” rating to a “strong sell” rating in a report on Saturday, March 21st. Noble Financial reiterated an “outperform” rating on shares of Bitcoin Depot in a research note on Tuesday, March 17th. B. Riley Financial boosted their price objective on Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Bitcoin Depot presently has an average rating of “Hold” and an average price target of $14.40.

Bitcoin Depot Price Performance

NASDAQ BTM opened at $2.62 on Wednesday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 4.72. The company has a fifty day simple moving average of $5.89 and a 200 day simple moving average of $12.80. The company has a market cap of $27.27 million, a P/E ratio of 1.38 and a beta of 0.96. Bitcoin Depot has a 1 year low of $2.55 and a 1 year high of $48.16.

Bitcoin Depot (NASDAQ:BTM) last posted its earnings results on Monday, March 16th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.71). The firm had revenue of $116.04 million during the quarter, compared to analyst estimates of $113.93 million. Bitcoin Depot had a negative net margin of 0.94% and a negative return on equity of 70.95%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Kestra Private Wealth Services LLC bought a new stake in shares of Bitcoin Depot in the third quarter valued at about $36,000. Caitong International Asset Management Co. Ltd bought a new position in Bitcoin Depot during the fourth quarter valued at about $45,000. Bank of America Corp DE increased its stake in Bitcoin Depot by 11,320.0% during 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 period. Cetera Investment Advisers bought a new stake in shares of Bitcoin Depot in the 2nd quarter worth approximately $51,000. Finally, Engineers Gate Manager LP lifted its position in shares of Bitcoin Depot by 229.5% in the 4th quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock worth $61,000 after acquiring an additional 33,112 shares during the period. 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.