BTGO (NYSE:BTGO) Stock Price Up 7.2% – Should You Buy?

BTGO (NYSE:BTGO) shares were up 7.2% on Monday . The stock traded as high as $5.04 and last traded at $5.09. Approximately 343,052 shares changed hands during trading, a decline of 70% from the average session volume of 1,150,005 shares. The stock had previously closed at $4.75.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BTGO shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price objective on shares of BTGO in a research note on Friday, March 27th. Wall Street Zen lowered BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Mizuho dropped their price objective on BTGO from $17.00 to $14.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of BTGO in a research note on Monday, June 22nd. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, BTGO currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.14.

BTGO Price Performance

The firm has a 50-day moving average price of $6.23. The firm has a market capitalization of $592.56 million and a PE ratio of -3.96.

BTGO (NYSE:BTGO) 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 company had revenue of $3.77 billion during the quarter. BTGO’s revenue was up 112.6% on a year-over-year basis. On average, sell-side analysts anticipate that BTGO will post -0.32 EPS for the current year.

BTGO announced that its board has approved a share buyback plan on Wednesday, June 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

About BTGO

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.