Short Interest in Bitcoin Depot Inc. (NASDAQ:BTM) Declines By 6.0%

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large drop in short interest in the month of December. As of December 15th, there was short interest totalling 508,400 shares, a drop of 6.0% from the November 30th total of 541,000 shares. Currently, 8.0% of the shares of the stock are short sold. Based on an average daily volume of 1,090,000 shares, the days-to-cover ratio is currently 0.5 days.

Analysts Set New Price Targets

Separately, Noble Financial raised Bitcoin Depot to a “strong-buy” rating in a report on Thursday, October 17th.

Institutional Investors Weigh In On Bitcoin Depot

Large investors have recently made changes to their positions in the company. Walleye Capital LLC grew its holdings in Bitcoin Depot by 110.1% during the 3rd 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 in the last quarter. Renaissance Technologies LLC boosted its position in shares of 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 last quarter. Finally, 272 Capital LP purchased a new position in shares of Bitcoin Depot in the third quarter valued at $401,000. 9.18% of the stock is owned by institutional investors.

Bitcoin Depot Stock Performance

Shares of NASDAQ BTM opened at $1.62 on Thursday. The company has a market cap of $97.83 million, a P/E ratio of -1.74 and a beta of -0.09. Bitcoin Depot has a 52-week low of $1.33 and a 52-week high of $3.52. 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 firm’s fifty day moving average is $1.82 and its two-hundred day moving average is $1.69.

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.