Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Up 6.7% in August

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright lowered their price objective 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.

Insider Activity at Bitcoin Depot

In related news, COO Christopher Scott Buchanan sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $1.56, for a total value of $31,200.00. Following the sale, the chief operating officer now owns 241,276 shares in the company, valued at approximately $376,390.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Bitcoin Depot news, insider Brandon Taylor Mintz sold 17,454 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through the SEC website. Also, 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 value of $31,200.00. Following the sale, the chief operating officer now owns 241,276 shares in the company, valued at approximately $376,390.56. 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 currently owned by company insiders.

Hedge Funds Weigh In On Bitcoin Depot

A number of large investors have recently modified their holdings of the business. Cohanzick Management LLC increased its stake in Bitcoin Depot by 54.4% in the 4th quarter. Cohanzick Management LLC now owns 602,000 shares of the company’s stock valued at $1,944,000 after purchasing an additional 212,000 shares in the last quarter. Owl Creek Asset Management L.P. purchased a new position in Bitcoin Depot in the 4th quarter valued at approximately $68,000. Renaissance Technologies LLC increased its stake in Bitcoin Depot by 122.1% in the 2nd 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 in the last quarter. Shaolin Capital Management LLC increased its stake in Bitcoin Depot by 7.6% in the 1st 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 in the last quarter. Finally, Privium Fund Management UK Ltd purchased a new position in Bitcoin Depot in the 1st quarter valued at approximately $60,000. 9.18% of the stock is owned by hedge funds and other institutional investors.

Bitcoin Depot Stock Performance

BTM traded up $0.01 on Wednesday, hitting $1.53. 27,838 shares of the company traded hands, compared to its average volume of 216,777. The company has a 50 day moving average of $1.64 and a 200-day moving average of $1.84. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 9.33. The stock has a market capitalization of $91.21 million, a PE ratio of -0.82 and a beta of -0.34. Bitcoin Depot has a 12-month low of $1.33 and a 12-month high of $3.70.

Bitcoin Depot (NASDAQ:BTM) last posted its quarterly earnings data on Thursday, August 15th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.16). The company had revenue of $163.07 million for the quarter, compared to analysts’ expectations of $148.49 million. Bitcoin Depot had a negative net margin of 3.10% and a negative return on equity of 307.37%. Sell-side analysts anticipate that Bitcoin Depot will post -0.09 earnings per share 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.