Bitcoin Depot downgraded to Neutral from Buy at B. Riley

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.