Bitcoin Depot Inc. (NASDAQ:BTM) Sees Large Increase in Short Interest

Bitcoin Depot Inc. (NASDAQ:BTM) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 401,400 shares, an increase of 6.7% from the August 15th total of 376,100 shares. Based on an average daily trading volume, of 107,300 shares, the days-to-cover ratio is currently 3.7 days. Approximately 4.6% of the shares of the stock are short sold.

Analysts Set New Price Targets

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

Insider Buying and Selling at Bitcoin Depot

In other Bitcoin Depot news, insider Brandon Taylor Mintz sold 17,454 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1.79, for a total transaction of $31,242.66. Following the sale, the insider now owns 529,248 shares in the company, valued at approximately $947,353.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Christopher Scott Buchanan sold 20,000 shares of the firm’s 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 in the company, valued at $376,390.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brandon Taylor Mintz sold 17,454 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1.79, for a total value of $31,242.66. Following the sale, the insider now owns 529,248 shares in the company, valued at approximately $947,353.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,152 shares of company stock worth $148,627. 20.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BTM. Renaissance Technologies LLC increased its position in shares of Bitcoin Depot by 122.1% during the second quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock worth $85,000 after acquiring an additional 26,000 shares during the last quarter. Shaolin Capital Management LLC increased its position in shares of 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 acquiring an additional 49,600 shares during the last quarter. Privium Fund Management UK Ltd purchased a new stake in shares of Bitcoin Depot during the first quarter worth about $60,000. Owl Creek Asset Management L.P. purchased a new stake in shares of Bitcoin Depot during the fourth quarter worth about $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 during the last quarter. 9.18% of the stock is owned by hedge funds and other institutional investors.

Bitcoin Depot Trading Up 0.7 %

Bitcoin Depot stock traded up $0.01 during midday trading on Wednesday, reaching $1.53. The stock had a trading volume of 27,838 shares, compared to its average volume of 216,777. Bitcoin Depot has a twelve month low of $1.33 and a twelve month high of $3.70. The stock has a market capitalization of $91.21 million, a PE ratio of -0.82 and a beta of -0.34. The company has a debt-to-equity ratio of 9.33, a quick ratio of 1.16 and a current ratio of 1.16. The stock’s 50-day simple moving average is $1.64 and its 200 day simple moving average is $1.84.

Bitcoin Depot (NASDAQ:BTM) last issued its earnings results 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). Bitcoin Depot had a negative net margin of 3.10% and a negative return on equity of 307.37%. The firm had revenue of $163.07 million during the quarter, compared to analyst estimates of $148.49 million. Analysts expect that Bitcoin Depot will post -0.09 EPS for the current 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.