HC Wainwright Reaffirms “Neutral” Rating for Bitcoin Depot (NASDAQ:BTM)

Bitcoin Depot (NASDAQ:BTM)‘s stock had its “neutral” rating reissued by investment analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports.

Several other research firms have also recently issued reports on BTM. Noble Financial cut shares of Bitcoin Depot from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 13th. B. Riley Financial lifted their target price on shares of Bitcoin Depot to $4.20 and gave the stock a “neutral” rating in a research note on Tuesday, March 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Bitcoin Depot in a report on Wednesday, January 21st. Finally, Wall Street Zen cut Bitcoin Depot from a “sell” rating to a “strong sell” rating in a report on Sunday, April 19th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $4.10.

Bitcoin Depot Price Performance

BTM traded down $0.19 on Tuesday, hitting $0.59. 632,365 shares of the company were exchanged, compared to its average volume of 392,348. The firm has a market capitalization of $6.58 million, a P/E ratio of 0.32 and a beta of 3.12. The company has a debt-to-equity ratio of 4.72, a quick ratio of 1.26 and a current ratio of 1.26. The business’s fifty day moving average is $4.12 and its 200 day moving average is $7.76. Bitcoin Depot has a fifty-two week low of $0.55 and a fifty-two week high of $48.16.

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

Institutional Trading of Bitcoin Depot

A number of hedge funds and other institutional investors have recently made changes to their positions in BTM. Kestra Private Wealth Services LLC bought a new stake in shares of Bitcoin Depot in the 3rd quarter worth about $36,000. Caitong International Asset Management Co. Ltd acquired a new stake in Bitcoin Depot during the fourth quarter valued at approximately $45,000. Bank of America Corp DE lifted its holdings in Bitcoin Depot by 11,320.0% during 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 position in shares of Bitcoin Depot in the 2nd quarter worth approximately $51,000. Finally, Engineers Gate Manager LP increased its holdings in shares of Bitcoin Depot by 229.5% in the 4th quarter. Engineers Gate Manager LP now owns 47,543 shares of the company’s stock valued at $61,000 after acquiring an additional 33,112 shares during the last quarter. Institutional investors 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.