Cantor Fitzgerald Cuts BTGO (NYSE:BTGO) Price Target to $13.00

BTGO (NYSE:BTGO) had its price target trimmed by Cantor Fitzgerald from $15.00 to $13.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

BTGO has been the subject of several other reports. Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Rosenblatt Securities lowered their price objective on BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wedbush lowered their price objective on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Wells Fargo & Company dropped their price objective on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen lowered shares of BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Stock Performance

Shares of BTGO opened at $6.24 on Monday. The business’s 50-day moving average is $5.23 and its two-hundred day moving average is $8.05. The company has a market capitalization of $723.01 million and a P/E ratio of -4.30. BTGO has a fifty-two week low of $4.65 and a fifty-two week high of $24.50.

BTGO (NYSE:BTGO) last released 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 business had revenue of $4.05 billion during the quarter. Analysts forecast that BTGO will post -0.39 EPS for the current year.

BTGO announced that its board has approved a share repurchase program on Wednesday, June 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CFO Edward Reginelli sold 9,021 shares of the firm’s stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through 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 BTGO stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the completion of the sale, the chief executive officer owned 798,464 shares in the company, 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 90 days, insiders have sold 48,464 shares of company stock valued at $237,096.

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.