HC Wainwright Upgrades Bitcoin Depot's Q2 Earnings Estimates, Maintains "Buy" Rating

HC Wainwright has upgraded its earnings per share estimates for Bitcoin Depot Inc. (NASDAQ: BTM) for Q2 2024, Q3 2024, Q4 2024, FY2024, Q1 2025, Q2 2025, and FY2025, citing improved financial performance and growth prospects for the cryptocurrency services provider.

Bitcoin Depot Earns Upgraded Q2 Earnings Estimates from HC Wainwright

HC Wainwright, a leading equity research firm, has revised its earnings per share (EPS) projections for Bitcoin Depot Inc. (NASDAQ: BTM) for the second quarter of 2024, indicating a favorable outlook for the company. In a research report released on May 14, 2023, analyst M. Colonnese raised the EPS estimate to $0.02, surpassing the previous forecast of -$0.07. HC Wainwright maintains its "Buy" rating and $4.00 price target for the stock.

Comprehensive Earnings Projections for 2024 and 2025

HC Wainwright has provided a comprehensive set of earnings estimates for Bitcoin Depot, covering various quarters and fiscal years:

• Q3 2024: -$0.01 EPS
• Q4 2024: -$0.02 EPS
• FY2024: -$0.08 EPS
• Q1 2025: $0.03 EPS
• Q2 2025: $0.13 EPS
• FY2025: $0.26 EPS

B. Riley Adjusts Price Target, Maintains "Buy" Rating

Separately, B. Riley, another reputable research firm, has adjusted its price target for Bitcoin Depot from $6.00 to $4.00 in a research report issued on March 26, 2023. B. Riley also assigns a "Buy" rating to the stock.

Key Financial Metrics and Stock Performance

Bitcoin Depot's stock opened at $1.90 on Friday, with a current debt-to-equity ratio of 2.13. The company's quick ratio and current ratio both stand at 0.81. The stock's 50-day simple moving average (SMA) is $1.99, while its 200-day SMA is $2.26. Bitcoin Depot's 1-year price range spans from $1.36 to $10.85.

Recent Earnings Report and Insider Transactions

Bitcoin Depot announced its quarterly earnings results on April 15, 2023, reporting an EPS of -$0.50. The company generated revenue of $148.41 million during the quarter.

Insider Brandon Taylor Mintz sold 2,906,976 shares of Bitcoin Depot stock on April 24, 2023, at an average price of $1.72 per share, totaling $4,999,998.72. Chief Operating Officer Christopher Scott Buchanan sold 14,512 shares on March 20, 2023, at an average price of $2.48 per share, valued at $35,989.76.

Insiders have sold a total of 3,104,353 shares, worth $5,372,260, in the past 90 days. Currently, company insiders hold approximately 20.09% of Bitcoin Depot's shares.

Institutional Activity

Several notable institutional investors have recently made significant transactions involving Bitcoin Depot's stock:

• Meteora Capital LLC acquired a stake valued at $902,000 in Q3 2022.
• Shaolin Capital Management LLC purchased shares worth approximately $2,105,000 in Q3 2022.
• Saba Capital Management L.P. invested $305,000 in Bitcoin Depot during Q3 2022.
• Cowen AND Company LLC bought a stake valued at $35,000 in Q3 2022.
• Kepos Capital LP invested $368,000 in Q3 2022.

Institutional investors and hedge funds currently hold 9.18% of Bitcoin Depot's outstanding shares.

Company Overview: Bitcoin Depot

Bitcoin Depot Inc. operates a network of cryptocurrency kiosks across North America. Its kiosks allow users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies. Additionally, the company sells cryptocurrency to consumers through its BDCheckout product offering and over-the-counter trade services via its website.