Bitcoin Depot Inc. (NASDAQ:BTM) Sees Significant Decline in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 315,900 shares, a decrease of 21.3% from the August 31st total of 401,400 shares. Based on an average trading volume of 102,800 shares, the short-interest ratio is presently 3.1 days. Currently, 3.6% of the shares of the company are short sold.

Insider Activity at Bitcoin Depot

In other news, COO Christopher Scott Buchanan sold 20,000 shares of Bitcoin Depot stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.56, for a total transaction of $31,200.00. Following the transaction, the chief operating officer now owns 241,276 shares in the company, valued at $376,390.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO Christopher Scott Buchanan sold 20,000 shares of Bitcoin Depot stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.56, for a total transaction of $31,200.00. Following the completion of the sale, the chief operating officer now owns 241,276 shares of the company’s stock, valued at $376,390.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Brandon Taylor Mintz sold 17,454 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $1.79, for a total transaction of $31,242.66. Following the transaction, the insider now directly owns 529,248 shares in the company, valued at $947,353.92. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 155,786 shares of company stock worth $257,817 and have sold 90,152 shares worth $148,627. 20.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bitcoin Depot

A number of institutional investors and hedge funds have recently made changes to their positions in BTM. Privium Fund Management UK Ltd purchased a new stake in Bitcoin Depot during the first quarter worth about $60,000. Owl Creek Asset Management L.P. bought a new stake in shares of Bitcoin Depot in the 4th quarter worth approximately $68,000. Renaissance Technologies LLC lifted its stake in Bitcoin Depot by 122.1% in the second quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock valued at $85,000 after purchasing an additional 26,000 shares during the last quarter. Shaolin Capital Management LLC grew its holdings in Bitcoin Depot by 7.6% during the first quarter. Shaolin Capital Management LLC now owns 699,600 shares of the company’s stock valued at $1,326,000 after purchasing an additional 49,600 shares during the period. Finally, Cohanzick Management LLC increased its position in Bitcoin Depot by 54.4% in the fourth quarter. Cohanzick Management LLC now owns 602,000 shares of the company’s stock worth $1,944,000 after buying an additional 212,000 shares during the last quarter. Institutional investors own 9.18% of the company’s stock.

Bitcoin Depot Stock Performance

NASDAQ:BTM traded down $0.04 on Friday, hitting $1.59. The company’s stock had a trading volume of 72,301 shares, compared to its average volume of 211,177. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 9.33. The stock has a fifty day moving average of $1.63 and a two-hundred day moving average of $1.79. Bitcoin Depot has a one year low of $1.33 and a one year high of $3.70. The firm has a market capitalization of $94.79 million, a P/E ratio of -0.85 and a beta of -0.34.

Bitcoin Depot (NASDAQ:BTM) last released its earnings results on Thursday, August 15th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.16). The business had revenue of $163.07 million for the quarter, compared to the consensus estimate of $148.49 million. Bitcoin Depot had a negative return on equity of 307.37% and a negative net margin of 3.10%. Research analysts predict that Bitcoin Depot will post -0.09 earnings per share for the current year.

Analyst Ratings Changes

Separately, HC Wainwright decreased their price objective on Bitcoin Depot from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Thursday, August 15th.

Bitcoin Depot Company Profile

Bitcoin Depot Inc owns and operates a network of cryptocurrency kiosks in North America. Its customers can buy and sell bitcoin, litecoin, and ethereum cryptocurrencies using the BTM kiosk network and other services. The company also engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering, as well as its website through over-the-counter trade.