Analysts Set Bitcoin Depot Inc. (NASDAQ:BTM) PT at $5.83

Bitcoin Depot Inc. (NASDAQ:BTM) has been assigned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $40.8333.

Several research firms have recently commented on BTM. B. Riley Financial lowered shares of Bitcoin Depot from a “buy” rating to a “neutral” rating in a report on Friday, November 14th. Weiss Ratings restated a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Bitcoin Depot from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 15th.

Institutional Trading of Bitcoin Depot

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of Bitcoin Depot by 11,320.0% in the 2nd quarter. Bank of America Corp DE now owns 9,707 shares of the company’s stock worth $49,000 after buying an additional 9,622 shares during the last quarter. Cetera Investment Advisers acquired a new stake in Bitcoin Depot in the second quarter valued at approximately $51,000. Kestra Private Wealth Services LLC acquired a new stake in Bitcoin Depot in the third quarter valued at approximately $36,000. Qube Research & Technologies Ltd purchased a new position in Bitcoin Depot in the second quarter worth $74,000. Finally, Man Group plc acquired a new position in shares of Bitcoin Depot during the second quarter worth $84,000. 9.18% of the stock is owned by hedge funds and other institutional investors.

Bitcoin Depot Stock Performance

Shares of Bitcoin Depot stock opened at $5.76 on Friday. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 2.86. The stock’s fifty day moving average price is $8.07 and its 200-day moving average price is $16.29. The firm has a market cap of $419.67 million, a P/E ratio of 25.04 and a beta of 0.87. Bitcoin Depot has a 12 month low of $5.32 and a 12 month high of $48.16.

About Bitcoin Depot

Bitcoin Depot, Inc operates one of the largest networks of self-service cryptocurrency kiosks in North America, enabling customers to buy and sell Bitcoin and other digital assets using cash or debit cards. Through a partnership model with convenience stores, gas stations and retail outlets, the company provides an accessible on-ramp and off-ramp for individuals entering the cryptocurrency market without requiring a bank account or extensive technical knowledge. Transactions are completed in real time at the point of sale, with verification and receipt provided via email or mobile phone.

Founded in 2016 and headquartered in Atlanta, Georgia, Bitcoin Depot began as a privately held startup focused on expanding retail access to digital currencies.