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

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a large increase in short interest in 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 volume of 107,300 shares, the short-interest ratio is presently 3.7 days. Currently, 4.6% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, COO Christopher Scott Buchanan sold 20,000 shares of Bitcoin Depot stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 241,276 shares of the company’s stock, valued at approximately $376,390.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, COO Christopher Scott Buchanan sold 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.56, for a total transaction of $31,200.00. Following the sale, the chief operating officer now directly owns 241,276 shares of the company’s stock, valued at approximately $376,390.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Brandon Taylor Mintz sold 17,454 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were 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 $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. Corporate insiders own 20.09% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BTM. Cohanzick Management LLC raised its holdings 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 acquiring an additional 212,000 shares during the last quarter. Owl Creek Asset Management L.P. acquired a new position in shares of Bitcoin Depot during the 4th quarter worth approximately $68,000. Renaissance Technologies LLC grew its position in shares of 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 in the last quarter. Shaolin Capital Management LLC increased its holdings in shares of Bitcoin Depot by 7.6% in 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 last quarter. Finally, Privium Fund Management UK Ltd acquired a new stake in shares of Bitcoin Depot in the first quarter valued at approximately $60,000. 9.18% of the stock is owned by institutional investors and hedge funds.

Bitcoin Depot Price Performance

Shares of BTM traded down $0.04 during mid-day trading on Tuesday, hitting $1.57. 83,740 shares of the company were exchanged, compared to its average volume of 217,519. The company has a debt-to-equity ratio of 9.33, a quick ratio of 1.16 and a current ratio of 1.16. Bitcoin Depot has a 1-year low of $1.33 and a 1-year high of $3.70. The stock has a market cap of $93.60 million, a price-to-earnings ratio of -0.83 and a beta of -0.34. The company has a 50 day moving average of $1.64 and a 200-day moving average of $1.85.

Bitcoin Depot (NASDAQ:BTM) last announced its earnings results on Thursday, August 15th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.16). The firm had revenue of $163.07 million for the quarter, compared to analyst estimates of $148.49 million. Bitcoin Depot had a negative net margin of 3.10% and a negative return on equity of 307.37%. Analysts expect that Bitcoin Depot will post -0.09 EPS 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.