Bitcoin Depot (NASDAQ:BTM) Shares Up 1.7% – Still a Buy?

Bitcoin Depot Inc. (NASDAQ:BTM) shot up 1.7% on Friday . The company traded as high as $1.25 and last traded at $1.20. 905,597 shares were traded during trading, an increase of 14% from the average session volume of 793,951 shares. The stock had previously closed at $1.18.

Wall Street Analyst Weigh In

Several analysts recently commented on BTM shares. B. Riley lowered Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday. Finally, Wall Street Zen cut shares of Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 15th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.83.

Bitcoin Depot Trading Up 1.7%

The stock has a market cap of $87.43 million, a PE ratio of 5.22 and a beta of 0.87. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.88 and a current ratio of 1.88. The company has a 50 day moving average of $1.39 and a two-hundred day moving average of $3.01.

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

Hedge Funds Weigh In On Bitcoin Depot

A number of large investors have recently added to or reduced their stakes in the stock. Truist Financial Corp purchased a new position in Bitcoin Depot during the second quarter valued at $71,000. Geode Capital Management LLC raised its position in shares of Bitcoin Depot by 35.9% during the 2nd quarter. Geode Capital Management LLC now owns 171,606 shares of the company’s stock worth $870,000 after purchasing an additional 45,300 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of Bitcoin Depot during the 2nd quarter worth about $51,000. JPMorgan Chase & Co. lifted its stake in Bitcoin Depot by 591,055.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company’s stock valued at $809,000 after buying an additional 159,585 shares in the last quarter. Finally, Heron Bay Capital Management acquired a new stake in Bitcoin Depot in the 2nd quarter worth about $327,000. 9.18% of the stock is currently owned by institutional investors and hedge funds.

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.