Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Drops By 18.3%

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 546,000 shares, a decline of 18.3% from the March 15th total of 668,300 shares. Approximately 3.7% of the company’s stock are sold short. Based on an average daily trading volume, of 323,900 shares, the days-to-cover ratio is presently 1.7 days.

Bitcoin Depot Stock Performance

Shares of NASDAQ:BTM traded up $0.04 during trading on Friday, reaching $1.41. The company had a trading volume of 98,392 shares, compared to its average volume of 424,930. Bitcoin Depot has a fifty-two week low of $0.93 and a fifty-two week high of $3.52. The company has a debt-to-equity ratio of 9.33, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s fifty day moving average price is $1.32 and its 200 day moving average price is $1.57. The firm has a market capitalization of $90.15 million, a price-to-earnings ratio of -1.52 and a beta of -0.26.

Bitcoin Depot (NASDAQ:BTM) last released its earnings results on Monday, March 24th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.25). Bitcoin Depot had a negative return on equity of 488.33% and a negative net margin of 2.28%. The firm had revenue of $136.83 million during the quarter, compared to analyst estimates of $131.50 million.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Bitcoin Depot in a research report on Tuesday, March 18th. B. Riley reaffirmed a “buy” rating and issued a $4.70 target price (up from $4.50) on shares of Bitcoin Depot in a report on Wednesday, March 19th.

Insider Transactions at Bitcoin Depot

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 20,476 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $1.33, for a total transaction of $27,233.08. Following the transaction, the chief operating officer now owns 169,276 shares of the company’s stock, valued at approximately $225,137.08. This trade represents a 10.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 55,000 shares of company stock worth $77,348. 70.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bitcoin Depot

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTM. Welch Capital Partners LLC NY boosted its stake in shares of Bitcoin Depot by 480.1% in the fourth quarter. Welch Capital Partners LLC NY now owns 522,073 shares of the company’s stock valued at $846,000 after buying an additional 432,073 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of Bitcoin Depot during the 4th quarter worth $427,000. 272 Capital LP purchased a new position in shares of Bitcoin Depot in the 3rd quarter valued at about $401,000. Two Sigma Advisers LP acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at about $267,000. Finally, Radcliffe Capital Management L.P. boosted its holdings in Bitcoin Depot by 134.3% during the fourth quarter. Radcliffe Capital Management L.P. now owns 285,835 shares of the company’s stock worth $463,000 after buying an additional 163,854 shares in the last quarter. Institutional investors and hedge funds 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.