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

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have earned an average recommendation of “Reduce” from the five research firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $4.10.

A number of brokerages recently issued reports on BTM. HC Wainwright cut Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Tuesday, May 19th. Noble Financial lowered Bitcoin Depot from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen cut Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th.

Bitcoin Depot Price Performance

Bitcoin Depot stock opened at $0.49 on Tuesday. The firm has a market capitalization of $5.47 million, a P/E ratio of 0.26 and a beta of 3.12. Bitcoin Depot has a one year low of $0.45 and a one year high of $48.16. The company has a debt-to-equity ratio of 4.72, a current ratio of 1.26 and a quick ratio of 1.26. The business has a fifty day moving average price of $0.73 and a 200-day moving average price of $4.02.

Hedge Funds Weigh In On Bitcoin Depot

Several hedge funds have recently bought and sold shares of BTM. Caitong International Asset Management Co. Ltd purchased a new stake in Bitcoin Depot in the 4th quarter worth approximately $45,000. Aristides Capital LLC purchased a new position in shares of Bitcoin Depot during the 4th quarter valued at $137,000. Invesco Ltd. grew its position in shares of Bitcoin Depot by 125.0% during the 4th quarter. Invesco Ltd. now owns 177,046 shares of the company’s stock valued at $228,000 after purchasing an additional 98,372 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Bitcoin Depot in the fourth quarter worth $210,000. Finally, Owl Creek Asset Management L.P. bought a new position in shares of Bitcoin Depot in the fourth quarter worth $1,935,000. Hedge funds and other institutional investors own 9.18% of the company’s stock.

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.