Bitcoin Depot Inc. (NASDAQ:BTM) Receives $4.83 Consensus Price Target from Brokerages

Bitcoin Depot Inc. (NASDAQ:BTM) has earned a consensus recommendation of “Buy” from the five research firms that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $4.83.

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Northland Capmk upgraded Bitcoin Depot from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 16th. Northland Securities raised Bitcoin Depot from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a research report on Friday, May 16th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Bitcoin Depot in a research report on Tuesday, March 18th. Finally, Noble Financial restated an “outperform” rating on shares of Bitcoin Depot in a research note on Friday, June 13th.

Insider Transactions at Bitcoin Depot

In other news, COO Christopher Scott Buchanan sold 20,476 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $1.33, for a total transaction of $27,233.08. Following the completion of the sale, the chief operating officer now owns 169,276 shares in the company, valued at approximately $225,137.08. This represents a 10.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 70.23% of the company’s stock.

Institutional Investors Weigh In On Bitcoin Depot

Institutional investors and hedge funds have recently modified their holdings of the stock. Welch Capital Partners LLC NY raised its stake in Bitcoin Depot by 85.1% during the 1st quarter. Welch Capital Partners LLC NY now owns 966,250 shares of the company’s stock valued at $1,459,000 after purchasing an additional 444,177 shares during the period. Two Sigma Investments LP acquired a new stake in Bitcoin Depot during the 4th quarter valued at $427,000. Two Sigma Advisers LP acquired a new stake in Bitcoin Depot during the 4th quarter valued at $267,000. Radcliffe Capital Management L.P. increased its stake in shares of Bitcoin Depot by 134.3% in the fourth quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company’s stock worth $463,000 after acquiring an additional 163,854 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Bitcoin Depot by 96.4% in the fourth quarter. Renaissance Technologies LLC now owns 146,100 shares of the company’s stock worth $237,000 after acquiring an additional 71,700 shares during the last quarter. Institutional investors and hedge funds own 9.18% of the company’s stock.

Bitcoin Depot Trading Down 6.6%

Shares of BTM stock opened at $5.63 on Monday. The company has a market cap of $362.07 million, a price-to-earnings ratio of -29.63 and a beta of 0.75. The stock has a 50 day simple moving average of $2.92 and a 200-day simple moving average of $2.00. Bitcoin Depot has a 12-month low of $0.93 and a 12-month high of $6.88.

Bitcoin Depot (NASDAQ:BTM) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.11. Bitcoin Depot had a negative return on equity of 488.33% and a negative net margin of 0.99%. The firm had revenue of $164.23 million during the quarter, compared to the consensus estimate of $151.67 million.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.