B.Riley Downgrades Bitcoin Depot (BTM) to Neutral

B.Riley analyst Hal Goetsch downgraded Bitcoin Depot (NASDAQ: BTM) from Buy to Neutral with a price target of $2.30 (from $6.00).

The analyst comments: "We are lowering our investment rating and estimates on Bitcoin Depot (BTM — Buy to Neutral, PT from $6.00 to $2.30) following a solid 3Q report that also came with downside guidance for 4Q. The company reported Revenue of $163M and adj. EBITDA of $16M, which were both nicely ahead of our forecast. However, the company issued 4Q revenue guidance in the range of $112M to $115, far below our estimate of $160M. The company cited seasonality, changes to state regulations that limit transaction sizes, and the company's own ramped-up compliance efforts that are expected to impact transaction sizes and volumes. Adjusted EBITDA in 4Q is expected to be slightly positive, indicating significant operating deleverage."

For an analyst ratings summary and ratings history on Bitcoin Depot click here. For more ratings news on Bitcoin Depot click here.

Shares of Bitcoin Depot closed at $2.07 yesterday.

You May Also Be Interested In