Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Expands By 262.8%

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant increase in short interest during the month of 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 volume of 949,300 shares, the short-interest ratio is presently 1.1 days. Approximately 17.6% of the company’s shares are sold short.

Insider Activity

In other news, COO Christopher Scott Buchanan sold 20,000 shares of Bitcoin Depot 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 transaction, the chief operating officer now owns 241,276 shares in the company, valued at approximately $376,390.56. The trade was a 7.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 50,100 shares of company stock valued at $77,051 over the last three months. Insiders own 70.23% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Shaolin Capital Management LLC raised its stake 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 acquiring an additional 49,600 shares during the last quarter. Renaissance Technologies LLC increased its stake 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 buying an additional 26,000 shares in the last quarter. Finally, Walleye Capital LLC raised its holdings in shares of Bitcoin Depot by 110.1% in the third quarter. Walleye Capital LLC now owns 23,542 shares of the company’s stock valued at $37,000 after buying an additional 12,337 shares during the last quarter. 9.18% of the stock is owned by institutional investors.

Bitcoin Depot Stock Performance

BTM stock traded up $0.04 during midday trading on Wednesday, hitting $1.98. The stock had a trading volume of 644,084 shares, compared to its average volume of 435,892. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 9.33. The stock has a 50-day simple moving average of $1.68 and a 200 day simple moving average of $1.72. Bitcoin Depot has a 52 week low of $1.33 and a 52 week high of $3.70. The firm has a market capitalization of $119.57 million, a price-to-earnings ratio of -2.09 and a beta of -0.33.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Noble Financial upgraded Bitcoin Depot to a “strong-buy” rating in a report on Thursday, October 17th. HC Wainwright decreased their target price 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.

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.