Bitcoin Depot Inc. (NASDAQ:BTM) Short Interest Up 13.1% in January

Bitcoin Depot Inc. (NASDAQ:BTM) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totalling 574,800 shares, a growth of 13.1% from the December 31st total of 508,400 shares. Based on an average daily volume of 1,130,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 9.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On Bitcoin Depot

A number of institutional investors have recently made changes to their positions in BTM. 272 Capital LP bought a new stake in Bitcoin Depot in the third quarter valued at approximately $401,000. Renaissance Technologies LLC increased its stake in shares of Bitcoin Depot by 122.1% in the second quarter. Renaissance Technologies LLC now owns 47,300 shares of the company’s stock worth $85,000 after buying an additional 26,000 shares during the period. Finally, Walleye Capital LLC raised 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 during the last quarter. Hedge funds and other institutional investors own 9.18% of the company’s stock.

Bitcoin Depot Price Performance

BTM traded down $0.07 during midday trading on Monday, hitting $1.54. The stock had a trading volume of 291,475 shares, compared to its average volume of 374,259. Bitcoin Depot has a 1 year low of $1.33 and a 1 year 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 business has a fifty day moving average of $1.74 and a 200 day moving average of $1.69. The company has a market cap of $92.70 million and a P/E ratio of -1.65.

Analyst Upgrades and Downgrades

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

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.