Bitcoin Depot Inc. (NASDAQ:BTM) Sees Large Decline in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large decline in short interest in February. As of February 27th, there was short interest totaling 466,106 shares, a decline of 85.0% from the February 12th total of 3,107,807 shares. Based on an average trading volume of 163,109 shares, the short-interest ratio is currently 2.9 days. Approximately 9.3% of the company’s stock are sold short. Approximately 9.3% of the company’s stock are sold short. Based on an average trading volume of 163,109 shares, the short-interest ratio is currently 2.9 days.

Bitcoin Depot Stock Up 2.3%

Shares of NASDAQ BTM traded up $0.11 during mid-day trading on Tuesday, reaching $4.84. The company had a trading volume of 157,041 shares, compared to its average volume of 159,895. The firm has a 50 day simple moving average of $7.24 and a two-hundred day simple moving average of $14.57. Bitcoin Depot has a 52-week low of $4.26 and a 52-week high of $48.16. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.86. The stock has a market cap of $50.38 million, a P/E ratio of 3.01 and a beta of 0.96.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. B. Riley Financial lowered shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Noble Financial reissued an “outperform” rating on shares of Bitcoin Depot in a report on Tuesday, February 24th. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a research note on Wednesday, January 21st. Finally, Wall Street Zen cut Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $40.83.

Institutional Trading of Bitcoin Depot

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Bitcoin Depot in the 4th quarter valued at about $45,000. Aristides Capital LLC purchased a new position in Bitcoin Depot during the 4th quarter worth approximately $137,000. Invesco Ltd. grew its stake in Bitcoin Depot by 125.0% during the 4th quarter. Invesco Ltd. now owns 177,046 shares of the company’s stock worth $228,000 after buying an additional 98,372 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Bitcoin Depot during the fourth quarter worth approximately $210,000. Finally, Owl Creek Asset Management L.P. acquired a new position in Bitcoin Depot during the fourth quarter worth approximately $1,935,000. Institutional investors and hedge funds 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.