Bitcoin Depot Inc. (NASDAQ:BTM) Sees Significant Increase in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large increase in short interest in November. As of November 15th, there was short interest totalling 1,050,000 shares, an increase of 262.8% from the October 31st total of 289,400 shares. Based on an average daily volume of 949,300 shares, the short-interest ratio is presently 1.1 days. Currently, 17.6% of the company’s stock are short sold.

Bitcoin Depot Stock Performance

BTM traded up $0.01 during trading hours on Friday, reaching $1.99. The company’s stock had a trading volume of 445,775 shares, compared to its average volume of 435,954. Bitcoin Depot has a 52 week low of $1.33 and a 52 week high of $3.70. The company’s 50-day moving average is $1.70 and its 200-day moving average is $1.72. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $120.18 million, a PE ratio of -2.13 and a beta of -0.33.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BTM. HC Wainwright dropped their price objective on Bitcoin Depot from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Noble Financial upgraded Bitcoin Depot to a “strong-buy” rating in a research note on Thursday, October 17th.

Insider Transactions at Bitcoin Depot

In other news, COO Christopher Scott Buchanan sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $1.56, for a total transaction of $31,200.00. Following the sale, the chief operating officer now owns 241,276 shares in the company, valued at $376,390.56. This represents a 7.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 50,100 shares of company stock worth $77,051 in the last 90 days. Corporate insiders own 70.23% of the company’s stock.

Institutional Investors Weigh In On Bitcoin Depot

A number of large investors have recently added to or reduced their stakes in BTM. Shaolin Capital Management LLC raised its stake in Bitcoin Depot by 7.6% in the 1st quarter. Shaolin Capital Management LLC now owns 699,600 shares of the company’s stock valued at $1,326,000 after acquiring an additional 49,600 shares during the period. Renaissance Technologies LLC grew its holdings in Bitcoin Depot by 122.1% in the 2nd quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock valued at $85,000 after buying an additional 26,000 shares in the last quarter. Finally, Walleye Capital LLC grew its holdings in Bitcoin Depot by 110.1% in the 3rd quarter. Walleye Capital LLC now owns 23,542 shares of the company’s stock valued at $37,000 after buying an additional 12,337 shares in the last quarter. Institutional investors own 9.18% of the company’s stock.

About Bitcoin Depot

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.