Bitcoin Depot (NASDAQ:BTM) experienced a downgrade from a “strong-buy” rating to a “buy” rating by analysts at Wall Street Zen in a report released on Saturday. This change reflects a broader trend among analysts who have recently issued varied assessments regarding the stock.
In a separate report, Weiss Ratings reaffirmed a “sell (d+)” rating for Bitcoin Depot on October 8th. Conversely, HC Wainwright raised their price target from $5.00 to $6.50 while maintaining a “buy” rating as part of their analysis on August 13th. Further complicating the picture, B. Riley downgraded Bitcoin Depot from a “buy” to a “neutral” rating in a note released on Friday. Additionally, Zacks Research cut its rating from “strong-buy” to “hold” on the same day as HC Wainwright”s report.
Currently, one analyst has assigned a “Strong Buy” rating, three have a “Buy” rating, two have classified it as “Hold,” and one has given it a “Sell” rating. As per data from MarketBeat.com, Bitcoin Depot holds an average rating of “Moderate Buy” along with a consensus price target of $5.83.
In its most recent quarterly earnings report issued on November 13th, Bitcoin Depot reported earnings per share of $0.08, exceeding the consensus estimate of $0.04 by $0.04. The company recorded a net margin of 1.44% and a return on equity of -167.68%. Revenue for the quarter was reported at $162.48 million, surpassing the expected $153.11 million.
On the insider trading front, Christopher Scott Buchanan, the company”s Chief Operating Officer, sold 7,000 shares on October 3rd for an average price of $3.82, amounting to a total transaction of $26,740. Following this sale, Buchanan retained 133,276 shares valued at $509,114.32, reflecting a decrease of 4.99% in his stake. This transaction was publicly disclosed in filings with the Securities & Exchange Commission.
In recent months, insiders have sold 21,000 shares worth $70,280, indicating that corporate insiders hold 70.23% of the stock. Institutional investors have also shown interest, with several hedge funds making adjustments to their stakes in Bitcoin Depot. Notably, Verdence Capital Advisors LLC acquired a new stake worth $73,000 in the first quarter, while Welch Capital Partners LLC NY increased their holdings by 85.1% during the same period.
Overall, Bitcoin Depot operates a network of cryptocurrency kiosks across North America, allowing users to buy and sell various cryptocurrencies, including bitcoin, litecoin, and ethereum. The company also provides additional services through its BDCheckout product and its website, facilitating over-the-counter trades.
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