BTGO (NYSE:BTGO) Trading 7.2% Higher – Here’s What Happened
by Doug Wharley · The Cerbat GemShares of BTGO (NYSE:BTGO – Get Free Report) shot up 7.2% on Monday . The stock traded as high as $5.04 and last traded at $5.09. 343,052 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,150,005 shares. The stock had previously closed at $4.75.
Wall Street Analyst Weigh In
A number of equities analysts have commented on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of BTGO in a research note on Monday, June 22nd. Wedbush restated an “outperform” rating and set a $15.00 price objective on shares of BTGO in a research report on Friday, March 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 target price on shares of BTGO in a research report on Friday, March 27th. The Goldman Sachs Group reduced their target price on BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Finally, Mizuho lowered their price target on BTGO from $17.00 to $14.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, BTGO currently has a consensus rating of “Moderate Buy” and an average target price of $15.14.
View Our Latest Stock Analysis on BTGO
BTGO Stock Up 7.6%
The company has a fifty day moving average of $6.23. The firm has a market cap of $592.56 million and a PE ratio of -3.96.
BTGO (NYSE:BTGO – Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.55). The business had revenue of $3.77 billion for the quarter. BTGO’s quarterly revenue was up 112.6% compared to the same quarter last year. As a group, research analysts forecast that BTGO will post -0.32 earnings per share for the current year.
BTGO announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
BTGO Company Profile
BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.