Bitcoin Depot Inc. (NASDAQ:BTM) Receives $5.83 Consensus Price Target from Brokerages

Shares of Bitcoin Depot Inc. (NASDAQ:BTM) have earned a consensus recommendation of “Hold” from the six research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $40.8333.

BTM has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. B. Riley Financial downgraded Bitcoin Depot from a “buy” rating to a “neutral” rating in a research report on Friday, November 14th. Noble Financial restated an “outperform” rating on shares of Bitcoin Depot in a report on Tuesday. Finally, Wall Street Zen cut Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th.

Bitcoin Depot Price Performance

Bitcoin Depot stock opened at $4.39 on Friday. Bitcoin Depot has a 1 year low of $4.26 and a 1 year high of $48.16. 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 firm has a 50 day moving average price of $7.73 and a 200 day moving average price of $15.73. The company has a market cap of $45.70 million, a price-to-earnings ratio of 2.73 and a beta of 0.87.

Hedge Funds Weigh In On Bitcoin Depot

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in 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 period. Cetera Investment Advisers acquired a new position in shares of Bitcoin Depot during the second quarter worth about $51,000. JPMorgan Chase & Co. boosted its position in shares of Bitcoin Depot by 591,055.6% in the second quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company’s stock worth $809,000 after buying an additional 159,585 shares during the period. Heron Bay Capital Management purchased a new stake in shares of Bitcoin Depot in the second quarter worth about $327,000. Finally, XTX Topco Ltd acquired a new stake in shares of Bitcoin Depot in the second quarter valued at about $288,000. Institutional investors and hedge funds 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.