Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Increases By 27.7%

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 436,900 shares, a growth of 27.7% from the March 31st total of 342,200 shares. Currently, 11.5% of the shares of the stock are short sold. Based on an average daily volume of 250,600 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

BTM has been the topic of a number of research analyst reports. B. Riley dropped their price objective on shares of Bitcoin Depot from $6.00 to $4.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. HC Wainwright dropped their price target on Bitcoin Depot from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Tuesday, March 26th.

Bitcoin Depot Stock Up 0.6 %

Shares of BTM opened at $1.81 on Tuesday. The company has a 50 day moving average of $2.14 and a 200-day moving average of $2.34. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 2.13. Bitcoin Depot has a twelve month low of $1.36 and a twelve month high of $10.86.

Bitcoin Depot (NASDAQ:BTM) last released its earnings results on Monday, April 15th. The company reported ($0.50) earnings per share for the quarter. The company had revenue of $148.41 million for the quarter. On average, sell-side analysts predict that Bitcoin Depot will post 0.23 EPS for the current year.

Insider Activity

In other Bitcoin Depot news, COO Christopher Scott Buchanan sold 14,512 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $2.48, for a total transaction of $35,989.76. Following the completion of the sale, the chief operating officer now directly owns 338,741 shares of the company’s stock, valued at approximately $840,077.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Christopher Scott Buchanan sold 14,512 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now owns 338,741 shares in the company, valued at approximately $840,077.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Brandon Taylor Mintz sold 62,865 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $1.99, for a total value of $125,101.35. Following the sale, the insider now directly owns 759,567 shares in the company, valued at approximately $1,511,538.33. The disclosure for this sale can be found here. Insiders have sold 3,034,353 shares of company stock valued at $5,247,590 over the last three months. 20.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Shaolin Capital Management LLC acquired a new position in shares of Bitcoin Depot during the 3rd quarter worth about $11,244,000. AWM Investment Company Inc. acquired a new position in Bitcoin Depot during the third quarter worth approximately $2,464,000. Radcliffe Capital Management L.P. acquired a new stake in shares of Bitcoin Depot in the third quarter valued at approximately $1,075,000. Meteora Capital LLC acquired a new stake in shares of Bitcoin Depot in the third quarter valued at approximately $902,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Bitcoin Depot during the 3rd quarter worth approximately $703,000. 9.18% of the stock is currently owned by 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.