B. Riley analyst Hal Goetsch downgraded Bitcoin Depot (BTM) to Neutral from Buy with a price target of $2.30, down from $6. The company’s Q3 results were “solid” but came with downside guidance for Q4, the analyst tells investors in a research note. The firm says Bitcoin Depot cited seasonality, changes to state regulations that limit transaction sizes, and its own compliance efforts that are expected to impact transaction sizes and volumes for the weaker than expected outlook.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BTM: