Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Drops By 21.3%

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 315,900 shares, a decline of 21.3% from the August 31st total of 401,400 shares. Based on an average daily volume of 102,800 shares, the days-to-cover ratio is currently 3.1 days. Approximately 3.6% of the company’s stock are short sold.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Bitcoin Depot

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its stake in shares of Bitcoin Depot by 122.1% during the 2nd quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock worth $85,000 after purchasing an additional 26,000 shares during the period. Shaolin Capital Management LLC boosted 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 worth $1,326,000 after buying an additional 49,600 shares in the last quarter. Privium Fund Management UK Ltd acquired a new stake in Bitcoin Depot during the first quarter valued at $60,000. Owl Creek Asset Management L.P. acquired a new stake in Bitcoin Depot during the fourth quarter valued at $68,000. Finally, Cohanzick Management LLC increased its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 9.18% of the company’s stock.

Analyst Upgrades and Downgrades

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

Bitcoin Depot Stock Performance

BTM traded down $0.04 during trading on Friday, reaching $1.59. 72,301 shares of the company’s stock were exchanged, compared to its average volume of 211,177. The company has a debt-to-equity ratio of 9.33, a current ratio of 1.16 and a quick ratio of 1.16. Bitcoin Depot has a 1 year low of $1.33 and a 1 year high of $3.70. The company’s fifty day simple moving average is $1.63 and its 200-day simple moving average is $1.79. The stock 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 quarterly earnings data on Thursday, August 15th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.16). The business had revenue of $163.07 million during the quarter, compared to analyst estimates of $148.49 million. Bitcoin Depot had a negative return on equity of 307.37% and a negative net margin of 3.10%. As a group, research analysts predict that Bitcoin Depot will post -0.09 earnings per share for the current fiscal year.

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.