Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Up 262.8% in November

Bitcoin Depot Inc. (NASDAQ:BTM) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,050,000 shares, a growth of 262.8% from the October 31st total of 289,400 shares. Approximately 17.6% of the company’s shares are short sold. Based on an average daily trading volume, of 949,300 shares, the days-to-cover ratio is presently 1.1 days.

Insider Transactions at Bitcoin Depot

In related news, COO Christopher Scott Buchanan sold 20,000 shares of the company’s stock in a transaction on 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 $376,390.56. This represents a 7.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 company insiders.

Institutional Trading of Bitcoin Depot

A number of institutional investors have recently modified their holdings of the company. Walleye Capital LLC grew its stake in shares of Bitcoin Depot by 110.1% during the 3rd 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 boosted its position in Bitcoin Depot by 122.1% during 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 during the last quarter. Finally, Shaolin Capital Management LLC grew its stake in 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 in the last quarter. 9.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BTM has been the subject of several recent analyst reports. Noble Financial upgraded Bitcoin Depot to a “strong-buy” rating in a report on Thursday, October 17th. HC Wainwright decreased their price objective 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 Stock Up 2.1 %

NASDAQ BTM traded up $0.04 on Wednesday, reaching $1.98. The company had a trading volume of 644,084 shares, compared to its average volume of 435,892. The company’s fifty day moving average is $1.68 and its 200-day moving average is $1.72. The firm has a market capitalization of $119.57 million, a price-to-earnings ratio of -2.09 and a beta of -0.33. The company has a debt-to-equity ratio of 9.33, a quick ratio of 0.91 and a current ratio of 0.91. Bitcoin Depot has a 1-year low of $1.33 and a 1-year high of $3.70.

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.