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

Bitcoin Depot Inc. (NASDAQ:BTM) was the recipient of a large 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. Approximately 17.6% of the shares of the company are sold short. Based on an average daily volume of 949,300 shares, the days-to-cover ratio is currently 1.1 days.

Bitcoin Depot Trading Up 0.5 %

Shares of BTM traded up $0.01 during trading hours on Friday, hitting $1.99. 445,775 shares of the stock traded hands, compared to its average volume of 435,954. The business has a fifty day moving average of $1.70 and a 200-day moving average of $1.72. The firm has a market capitalization of $120.18 million, a PE ratio of -2.13 and a beta of -0.33. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 9.33. Bitcoin Depot has a 1-year low of $1.33 and a 1-year high of $3.70.

Insider Buying and Selling

In related news, COO Christopher Scott Buchanan sold 20,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 241,276 shares in the company, valued at approximately $376,390.56. The trade was a 7.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 50,100 shares of company stock worth $77,051. 70.23% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bitcoin Depot

Several large investors have recently modified their holdings of BTM. Walleye Capital LLC increased 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 worth $37,000 after acquiring an additional 12,337 shares in the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $85,000 after acquiring an additional 26,000 shares in the last quarter. Finally, 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 worth $1,326,000 after acquiring an additional 49,600 shares in the last quarter. 9.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BTM has been the topic of several recent analyst reports. HC Wainwright lowered their price objective 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. Noble Financial upgraded Bitcoin Depot to a “strong-buy” rating in a research report on Thursday, October 17th.

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.