Bitcoin Depot (NASDAQ:BTM) Given “Market Perform” Rating at Noble Financial

Bitcoin Depot (NASDAQ:BTM)‘s stock had its “market perform” rating reiterated by equities researchers at Noble Financial in a report released on Wednesday, Marketbeat.com reports.

BTM has been the subject of a number of other research reports. HC Wainwright boosted their price objective on Bitcoin Depot from $3.50 to $4.00 and gave the company a “buy” rating in a report on Wednesday, March 25th. Wall Street Zen downgraded Bitcoin Depot from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Bitcoin Depot in a research report on Wednesday, January 21st. Finally, B. Riley Financial raised their target price on shares of Bitcoin Depot to $4.20 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.40.

Bitcoin Depot Stock Performance

Shares of Bitcoin Depot stock traded down $1.36 during trading on Wednesday, hitting $3.29. 102,154 shares of the company’s stock traded hands, compared to its average volume of 302,431. Bitcoin Depot has a 1 year low of $1.90 and a 1 year high of $48.16. The business has a 50-day simple moving average of $4.34 and a 200-day simple moving average of $8.26. The stock has a market capitalization of $36.62 million, a P/E ratio of 1.74 and a beta of 3.12. The company has a debt-to-equity ratio of 4.72, a current ratio of 1.26 and a quick ratio of 1.26.

Bitcoin Depot (NASDAQ:BTM) last released its quarterly earnings results on Monday, March 16th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.71). Bitcoin Depot had a negative return on equity of 70.95% and a negative net margin of 0.94%.The firm had revenue of $116.04 million during the quarter, compared to analysts’ expectations of $113.93 million. As a group, analysts forecast that Bitcoin Depot will post -2.12 EPS for the current year.

Hedge Funds Weigh In On Bitcoin Depot

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of Bitcoin Depot by 35.9% during the 2nd quarter. Geode Capital Management LLC now owns 171,606 shares of the company’s stock worth $870,000 after purchasing an additional 45,300 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Bitcoin Depot in the 2nd quarter valued at about $51,000. JPMorgan Chase & Co. lifted its position in shares of Bitcoin Depot by 591,055.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 159,612 shares of the company’s stock worth $809,000 after buying an additional 159,585 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Bitcoin Depot in the 2nd quarter valued at about $205,000. Finally, Invesco Ltd. purchased a new stake in Bitcoin Depot in the 2nd quarter valued at $242,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

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.