Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Expands By 6.7%

Bitcoin Depot Inc. (NASDAQ:BTM) saw 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. Currently, 4.6% of the company’s stock are sold short. Based on an average trading volume of 107,300 shares, the short-interest ratio is currently 3.7 days.

Insiders Place Their Bets

In other news, COO Christopher Scott Buchanan sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $1.56, for a total value of $31,200.00. Following the completion of 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 SEC, which is available at the SEC website. In related news, COO Christopher Scott Buchanan sold 20,000 shares of the company’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 completion of the sale, the chief operating officer now directly owns 241,276 shares in the company, valued at approximately $376,390.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 directly owns 529,248 shares in the company, valued at approximately $947,353.92. The disclosure for this sale can be found here. Insiders have sold a total of 90,152 shares of company stock worth $148,627 in the last three months. Corporate insiders own 20.09% of the company’s stock.

Institutional Trading of Bitcoin Depot

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in Bitcoin Depot by 122.1% during the 2nd quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock valued at $85,000 after acquiring an additional 26,000 shares during the period. Shaolin Capital Management LLC lifted its position in Bitcoin Depot by 7.6% during 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 period. Privium Fund Management UK Ltd purchased a new stake in Bitcoin Depot in the first quarter valued at $60,000. Owl Creek Asset Management L.P. acquired a new stake in Bitcoin Depot during the 4th quarter worth about $68,000. Finally, Cohanzick Management LLC raised its stake in shares of Bitcoin Depot by 54.4% during the 4th 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. Hedge funds and other institutional investors own 9.18% of the company’s stock.

Wall Street Analyst Weigh In

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

Bitcoin Depot Stock Down 2.5 %

Shares of BTM traded down $0.04 during mid-day trading on Tuesday, hitting $1.57. 83,740 shares of the company traded hands, compared to its average volume of 217,519. The company has a market capitalization of $93.60 million, a PE ratio of -0.83 and a beta of -0.34. 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 business has a 50 day moving average of $1.64 and a 200 day moving average of $1.85. Bitcoin Depot has a 1-year low of $1.33 and a 1-year high of $3.70.

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

About Bitcoin Depot

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.