BTGO (NYSE:BTGO) Stock Price Target Cut by Canaccord Genuity Group

by · The Cerbat Gem

BTGO (NYSE:BTGO – Get Free Report) had its price target reduced by equities researchers at Canaccord Genuity Group from $15.00 to $12.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group‘s price objective would indicate a potential upside of 134.97% from the company’s previous close.

Several other equities research analysts also recently issued reports on BTGO. Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a research note on Friday, October 9th. Citigroup lowered their price target on BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Cantor Fitzgerald dropped their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Mizuho set a $9.00 price objective on shares of BTGO in a research report on Tuesday. Finally, Wells Fargo & Company dropped their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.23.

Check Out Our Latest Research Report on BTGO

BTGO Stock Performance

NYSE:BTGO opened at $5.11 on Tuesday. The company has a market cap of $600.33 million and a P/E ratio of -3.52. BTGO has a 52-week low of $4.36 and a 52-week high of $24.50. The stock’s 50-day simple moving average is $6.69 and its 200 day simple moving average is $7.81.

BTGO (NYSE:BTGO – Get Free Report) last released its quarterly earnings data on Monday, November 9th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.40. The company had revenue of $2.85 billion during the quarter. As a group, equities analysts predict that BTGO will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BTGO

A number of hedge funds have recently made changes to their positions in BTGO. State Street Corp bought a new position in BTGO in the 2nd quarter valued at approximately $1,202,000. Tidal Investments LLC bought a new position in BTGO in the second quarter valued at about $10,327,000. ParaFi Capital LP acquired a new stake in shares of BTGO during the second quarter valued at about $1,939,000. Stone Ridge Holdings Group LP acquired a new stake in shares of BTGO during the third quarter valued at about $43,908,000. Finally, Vise Technologies Inc. bought a new stake in shares of BTGO during the third quarter worth about $83,000.

Key BTGO News

Here are the key news stories impacting BTGO this week:

  • Positive Sentiment: Q3 adjusted results included EPS of $0.36, well above the analyst consensus of a $0.04 loss. Net income attributable to common shareholders was $44.1 million, indicating improved bottom-line performance. Earnings results
  • Positive Sentiment: Management is pursuing growth through goStocks, aiming to connect investors with capital markets, and is integrating NYDIG’s institutional trading business, acquired in August. Successful execution could broaden BitGo’s offerings and reach. goStocks and NYDIG strategy
  • Neutral Sentiment: Q3 revenue was about $2.85 billion, but coverage highlighted a year-over-year decline and a revenue miss. Revenue alone may be difficult to interpret alongside the company’s transaction and institutional trading activity. Q3 investor takeaways
  • Negative Sentiment: Despite the net profit, BitGo reported a $19.2 million operating loss and used $18.5 million in operating cash during the quarter, leaving questions about recurring operating profitability and cash generation. Q3 financial details
  • Negative Sentiment: Reported insider activity showed nine open-market sales and no purchases over the past six months. While not necessarily a near-term signal, the pattern could weigh on confidence. Insider activity and earnings

BTGO Company Profile

(Get Free Report)

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.

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