BTGO (NYSE:BTGO) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of BTGO (NYSE:BTGO) have been given an average rating of “Moderate Buy” by the fifteen research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $12.7727.

Several analysts have recently issued reports on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price target on shares of BTGO in a research report on Friday, August 21st. Cantor Fitzgerald cut their target price on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Rosenblatt Securities decreased their price target on shares of BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wells Fargo & Company reduced their price objective on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th.

Insider Activity at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the 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 represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 BTGO stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $189,198.99. Following the sale, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at approximately $3,904,488.96. This trade represents 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. Insiders have sold a total of 48,464 shares of company stock valued at $237,096 in the last quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in BTGO stock. ParaFi Capital LP purchased a new position in shares of BTGO (NYSE:BTGO) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO makes up 0.6% of ParaFi Capital LP’s portfolio, making the stock its 13th biggest holding. ParaFi Capital LP owned about 0.32% of BTGO at the end of the most recent quarter.

BTGO Price Performance

Shares of BTGO stock opened at $7.29 on Friday. The firm has a market cap of $856.94 million and a PE ratio of -5.03. The company has a 50-day moving average of $5.60 and a two-hundred day moving average of $7.71. BTGO has a 1-year low of $4.65 and a 1-year high of $24.50.

BTGO (NYSE:BTGO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. Sell-side analysts anticipate that BTGO will post -0.37 EPS for the current fiscal year.

BTGO declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are 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.