Northland Capmk Upgrades Bitcoin Depot's Q2 2024 Earnings Estimates

Northland Capmk raised their Q2 2024 EPS estimates for Bitcoin Depot (BTM) to $0.03/share, up from the previous estimate of -$0.03. The consensus estimate for BTM's full-year earnings is $0.09/share. BTM reported a Q1 loss of $0.50/share on revenue of $148.41 million. HC Wainwright rates BTM a "buy" with a $4.00 price target. B. Riley cut their price target to $4.00 but maintained a "buy" rating. Insiders have sold 3,104,353 shares worth $5,372,260 over the last three months. Institutional ownership of BTM shares is 9.18%. Bitcoin Depot operates a network of cryptocurrency kiosks for buying and selling bitcoin, litecoin, and ethereum, with a current stock price of $1.90.

Bitcoin Depot Q2 2024 Earnings Estimates Revised Upwards by Northland Capmk

In a research note issued to investors on Tuesday, May 14th, Northland Capmk raised its earnings per share (EPS) estimates for Bitcoin Depot's second quarter of 2024. Analyst M. Grondahl now anticipates the company to report EPS of $0.03 for the quarter, a revision from the previous forecast of ($0.03). The consensus estimate for Bitcoin Depot's current fiscal year stands at $0.09 per share. Additionally, Northland Capmk provided an EPS estimate of $0.12 for Bitcoin Depot's fourth quarter of 2024.

Recent Earnings Report

Bitcoin Depot released its financial results for the quarter ended March 31, 2023, on Monday, April 15th. The company reported a net loss of ($0.50) per share for the period. Revenue for the quarter amounted to $148.41 million.

Analyst Commentary

Bitcoin Depot has been the subject of several other research reports lately. HC Wainwright maintained a "buy" rating on the stock and set a price target of $4.00 in a report published on Tuesday. B. Riley downgraded Bitcoin Depot from a "buy" rating to a "neutral" rating and lowered its price target from $6.00 to $4.00 in a research note issued on Tuesday, March 26th.

Stock Performance

Bitcoin Depot's stock opened at $1.90 on Friday. The company has a 50-day simple moving average of $1.99 and a 200-day simple moving average of $2.26. Bitcoin Depot has a debt-to-equity ratio of 2.13, a current ratio of 0.81, and a quick ratio of 0.81. The stock's 52-week range is $1.36 to $10.85.

Insider Transactions

In other Bitcoin Depot news, Chief Operating Officer Christopher Scott Buchanan sold 14,512 shares of the company's stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $2.48, resulting in a total transaction value of $35,989.76. Following the transaction, Buchanan now owns 338,741 shares of the company's stock, valued at approximately $840,077.68. The sale was disclosed in a filing with the Securities and Exchange Commission (SEC).

Additionally, insider Brandon Taylor Mintz sold 2,906,976 shares of the company's stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $1.72, resulting in a total transaction value of $4,999,998.72. The sale was disclosed in a separate filing with the SEC.

Over the last three months, insiders have sold a total of 3,104,353 shares of the company's stock, valued at approximately $5,372,260. Insiders currently own 20.09% of the company's outstanding shares.

Hedge Fund Activity

Several hedge funds and other institutional investors have recently made significant transactions involving Bitcoin Depot's stock. Cowen AND Company LLC acquired a new position in Bitcoin Depot during the third quarter, with a value of approximately $35,000. Meteora Capital LLC also initiated a new position in the company, valued at roughly $902,000. Saba Capital Management L.P. purchased a new stake in Bitcoin Depot during the third quarter, with a value of approximately $305,000. AWM Investment Company Inc. acquired a new position in the company, with a value of approximately $2,464,000. Finally, Kepos Capital LP acquired a new stake in the company, with a value of approximately $368,000.

As of the end of the third quarter, hedge funds and other institutional investors owned 9.18% of Bitcoin Depot's outstanding shares.

Company Profile

Bitcoin Depot Inc. operates a network of cryptocurrency kiosks in North America. The company's kiosks allow users to buy and sell Bitcoin, Litecoin, and Ethereum cryptocurrencies. Bitcoin Depot also provides cryptocurrency sales to consumers at retail locations through its BDCheckout product offering and through its website via over-the-counter trades.

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