Bitcoin Depot (NASDAQ:BTM) PT Lowered to $4.00 at B. Riley

Bitcoin Depot (NASDAQ:BTM) had its price target decreased by B. Riley from $6.00 to $4.00 in a research report report published on Tuesday morning, Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for Bitcoin Depot’s Q1 2024 earnings at ($0.04) EPS, Q2 2024 earnings at $0.04 EPS, Q3 2024 earnings at $0.04 EPS, Q4 2024 earnings at $0.04 EPS and FY2024 earnings at $0.08 EPS.

A number of other equities analysts also recently commented on the company. HC Wainwright decreased their price target on Bitcoin Depot from $5.00 to $4.00 and set a buy rating for the company in a research note on Tuesday. Northland Securities began coverage on Bitcoin Depot in a report on Wednesday, December 20th. They set a market perform rating and a $3.50 price target on the stock.

Bitcoin Depot Price Performance

NASDAQ:BTM opened at $1.90 on Tuesday. Bitcoin Depot has a one year low of $1.88 and a one year high of $11.15. The stock has a 50-day simple moving average of $2.35 and a 200 day simple moving average of $2.47. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 3.16.

Insider Buying and Selling

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 14,512 shares of Bitcoin Depot stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $2.48, for a total value of $35,989.76. Following the transaction, the chief operating officer now owns 338,741 shares in the company, valued at $840,077.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. 20.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bitcoin Depot

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTM. Meteora Capital LLC purchased a new position in shares of Bitcoin Depot during the 3rd quarter valued at $902,000. Shaolin Capital Management LLC bought a new position in shares of Bitcoin Depot during the 3rd quarter worth about $11,244,000. Exchange Traded Concepts LLC bought a new position in shares of Bitcoin Depot during the 3rd quarter worth about $703,000. Saba Capital Management L.P. acquired a new position in Bitcoin Depot in the third quarter worth about $305,000. Finally, Cowen AND Company LLC acquired a new position in Bitcoin Depot in the third quarter worth about $35,000. 9.18% of the stock is currently owned by hedge funds and other institutional investors.

About Bitcoin Depot

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. It provides users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies; and engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering and through its website over the counter trade.