BTGO (NYSE:BTGO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of BTGO (NYSE:BTGO) have been assigned an average rating of “Moderate Buy” from the fifteen research firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $12.77.

A number of analysts recently weighed in on the company. Canaccord Genuity Group restated a “buy” rating and issued a $15.00 price objective on shares of BTGO in a report on Friday, August 21st. Wells Fargo & Company cut their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Cantor Fitzgerald reduced their price target on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Finally, Citigroup lowered their price objective on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, August 14th.

BTGO Price Performance

Shares of NYSE BTGO opened at $7.40 on Wednesday. The company has a 50 day simple moving average of $6.54 and a 200 day simple moving average of $7.25. The firm has a market cap of $869.87 million and a PE ratio of -5.10. BTGO has a 1 year low of $4.65 and a 1 year high of $24.50.

BTGO (NYSE:BTGO) last posted its earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The company had revenue of $4.33 billion for the quarter. As a group, research analysts anticipate that BTGO will post -0.27 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, CFO Edward Reginelli sold 9,021 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 value of $44,112.69. Following the transaction, the chief financial officer owned 582,489 shares in the company, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 the company’s stock in a transaction 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 directly owned 798,464 shares in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 48,294 shares of company stock valued at $236,225 in the last three months.

Institutional Investors Weigh In On BTGO

Several large investors have recently modified their holdings of the company. Tidal Investments LLC bought a new position in BTGO during the second quarter worth $10,327,000. ParaFi Capital LP bought a new stake in BTGO during the second quarter valued at $1,939,000. Finally, State Street Corp bought a new stake in BTGO during the second quarter valued at $1,202,000.

About BTGO

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.