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

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large increase in short interest in November. As of November 15th, there was short interest totalling 1,050,000 shares, an increase of 262.8% from the October 31st total of 289,400 shares. Based on an average daily trading volume, of 949,300 shares, the days-to-cover ratio is currently 1.1 days. Approximately 17.6% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, COO Christopher Scott Buchanan sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $1.56, for a total value of $31,200.00. Following the transaction, the chief operating officer now directly owns 241,276 shares of the company’s stock, valued at $376,390.56. This trade represents a 7.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 50,100 shares of company stock worth $77,051 in the last ninety days. 70.23% of the stock is owned by corporate insiders.

Institutional Trading of Bitcoin Depot

Several hedge funds have recently made changes to their positions in the company. Shaolin Capital Management LLC lifted its stake in shares of Bitcoin Depot by 7.6% in the 1st 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 period. Renaissance Technologies LLC grew its holdings 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 buying an additional 26,000 shares in the last quarter. Finally, Walleye Capital LLC grew its holdings in shares of Bitcoin Depot by 110.1% during the third quarter. Walleye Capital LLC now owns 23,542 shares of the company’s stock worth $37,000 after buying an additional 12,337 shares in the last quarter. Institutional investors and hedge funds own 9.18% of the company’s stock.

Wall Street Analysts Forecast Growth

BTM has been the topic of a number of recent analyst reports. Noble Financial raised shares of Bitcoin Depot to a “strong-buy” rating in a research report on Thursday, October 17th. HC Wainwright lowered their price objective on shares of Bitcoin Depot from $4.00 to $3.50 and set a “buy” rating on the stock in a research report on Thursday, August 15th.

Bitcoin Depot Stock Performance

Bitcoin Depot stock traded up $0.04 during midday trading on Thursday, hitting $1.98. 649,054 shares of the company’s stock were exchanged, compared to its average volume of 435,892. Bitcoin Depot has a 12-month low of $1.33 and a 12-month high of $3.70. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $119.57 million, a price-to-earnings ratio of -2.13 and a beta of -0.33. The firm’s 50 day simple moving average is $1.69 and its 200 day simple moving average is $1.72.

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.