BTGO (NYSE:BTGO) Stock Rated “Moderate Buy” by Sell-Side Brokerages

by · The Markets Daily

Shares of BTGO (NYSE:BTGO – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $12.77.

Several brokerages have weighed in on BTGO. Wedbush cut their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Mizuho lowered their price objective on BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, August 14th. Citigroup dropped their target price on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Finally, Rosenblatt Securities reduced their target price on BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th.

Read Our Latest Stock Analysis on BTGO

BTGO Price Performance

BTGO stock opened at $7.17 on Wednesday. The stock has a market capitalization of $843.19 million and a P/E ratio of -4.95. BTGO has a 12-month low of $4.65 and a 12-month high of $24.50. The firm’s 50-day moving average is $6.63 and its two-hundred day moving average is $7.21.

BTGO (NYSE:BTGO – Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. As a group, analysts forecast that BTGO will post -0.27 EPS for the current year.

BTGO announced that its board has approved a stock repurchase plan on Wednesday, June 17th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at BTGO

In related news, CFO Edward Reginelli sold 9,021 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $44,112.69. Following the sale, the chief financial officer directly owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Belshe sold 38,691 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction of $189,198.99. Following the completion of the sale, the chief executive officer owned 798,464 shares of the company’s stock, valued at approximately $3,904,488.96. The trade was a 4.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 48,134 shares of company stock valued at $235,430.

Hedge Funds Weigh In On BTGO

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp purchased a new stake in shares of BTGO during the 2nd quarter valued at $1,202,000. Tidal Investments LLC acquired a new position in BTGO in the second quarter valued at $10,327,000. Finally, ParaFi Capital LP acquired a new position in BTGO in the second quarter valued at $1,939,000.

BTGO Company Profile

(Get Free Report)

BitGo Holdings, Inc (NYSE: BTGO) is a digital asset infrastructure company that provides custody, security, trading and financial services for institutional participants in the cryptocurrency market. Its platform is designed to help businesses securely store, manage and transact in digital assets.

The company’s services include institutional cryptocurrency custody, hot and cold wallet solutions, settlement, staking, lending and trading-related services. BitGo also provides technology and operational infrastructure intended to support asset managers, exchanges, financial institutions, corporations and other organizations involved with digital assets.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport and is headquartered in Palo Alto, California.

Recommended Stories