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

Bitcoin Depot Inc. (NASDAQ:BTM) saw 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. Approximately 11.5% of the company’s stock are sold short. Based on an average trading volume of 250,600 shares, the days-to-cover ratio is currently 1.7 days.

Insider Buying and Selling

In related news, COO Christopher Scott Buchanan sold 14,512 shares of Bitcoin Depot stock in a transaction that occurred 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 transaction, the chief operating officer now owns 338,741 shares in the company, valued at $840,077.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 shares were 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 owns 338,741 shares in the company, valued at approximately $840,077.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 stock was sold at an average price of $1.72, for a total transaction of $4,999,998.72. The disclosure for this sale can be found here. Insiders sold 3,034,353 shares of company stock worth $5,247,590 over the last 90 days. 20.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Bitcoin Depot

Institutional investors have recently bought and sold shares of the company. Cowen AND Company LLC acquired a new position in Bitcoin Depot in the 3rd quarter valued at $35,000. Owl Creek Asset Management L.P. purchased a new position in Bitcoin Depot in the 4th quarter valued at about $68,000. Saba Capital Management L.P. purchased a new position in Bitcoin Depot in the 3rd quarter valued at about $305,000. Kepos Capital LP purchased a new position in Bitcoin Depot in the 3rd quarter valued at about $368,000. Finally, Exchange Traded Concepts LLC purchased a new position in Bitcoin Depot in the 3rd quarter valued at about $703,000. 9.18% of the stock is owned by institutional investors and hedge funds.

Bitcoin Depot Stock Performance

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

Bitcoin Depot (NASDAQ:BTM) last announced its quarterly earnings data on Monday, April 15th. The company reported ($0.50) earnings per share (EPS) for the quarter. The business had revenue of $148.41 million for the quarter. Equities research analysts anticipate that Bitcoin Depot will post 0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. B. Riley reduced their price target on shares of Bitcoin Depot from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th. HC Wainwright reduced their price target on shares of Bitcoin Depot from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, March 26th.

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.