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

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large 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 company’s stock are sold short. Based on an average daily volume of 250,600 shares, the days-to-cover ratio is presently 1.7 days.

Bitcoin Depot Price Performance

Shares of BTM opened at $1.80 on Friday. The stock has a fifty day moving average price of $2.14 and a 200 day moving average price of $2.34. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.81 and a current ratio of 0.81. Bitcoin Depot has a 12 month low of $1.36 and a 12 month high of $10.86.

Bitcoin Depot (NASDAQ:BTM) last issued its quarterly earnings data on Monday, April 15th. The company reported ($0.50) EPS for the quarter. The company had revenue of $148.41 million during the quarter. As a group, sell-side analysts anticipate that Bitcoin Depot will post 0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Bitcoin Depot news, insider Brandon Taylor Mintz sold 2,906,976 shares of Bitcoin Depot stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $1.72, for a total transaction of $4,999,998.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, COO Christopher Scott Buchanan sold 14,512 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was 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 directly owns 338,741 shares in the company, valued at approximately $840,077.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brandon Taylor Mintz sold 2,906,976 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $1.72, for a total value of $4,999,998.72. The disclosure for this sale can be found here. Insiders have sold 3,034,353 shares of company stock worth $5,247,590 in the last three months. 20.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Owl Creek Asset Management L.P. acquired a new stake in shares of Bitcoin Depot in the fourth quarter valued at $68,000. Cohanzick Management LLC lifted its holdings in shares of Bitcoin Depot by 54.4% in the fourth quarter. Cohanzick Management LLC now owns 602,000 shares of the company’s stock valued at $1,944,000 after buying an additional 212,000 shares during the period. Shaolin Capital Management LLC acquired a new stake in shares of Bitcoin Depot in the third quarter valued at $2,105,000. Radcliffe Capital Management L.P. acquired a new stake in shares of Bitcoin Depot in the third quarter valued at $1,075,000. Finally, Kepos Capital LP acquired a new stake in shares of Bitcoin Depot in the third quarter valued at $368,000. Institutional investors and hedge funds own 9.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BTM. HC Wainwright lowered their price target on Bitcoin Depot from $5.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. B. Riley lowered their price objective on Bitcoin Depot from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, March 26th.

Bitcoin Depot Company Profile

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.