BTGO (NYSE:BTGO) Stock Price Down 6.7% – Time to Sell?

Shares of BTGO (NYSE:BTGO) fell 6.7% during trading on Friday. The company traded as low as $7.60 and last traded at $7.4350. 123,288 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,341,261 shares. The stock had previously closed at $7.97.

Analyst Ratings Changes

A number of research firms have issued reports on BTGO. Wedbush cut their target price on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Wells Fargo & Company cut their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Rosenblatt Securities reduced their price objective on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald decreased their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Finally, Mizuho cut their target price on BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.77.

BTGO Trading Down 6.0%

The stock has a market capitalization of $880.45 million and a PE ratio of -5.15. The firm’s 50-day simple moving average is $6.27 and its two-hundred day simple moving average is $7.41.

BTGO (NYSE:BTGO) last released its earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The business had revenue of $4.33 billion for the quarter. As a group, research analysts expect that BTGO will post -0.37 earnings per share for the current year.

BTGO declared that its Board of Directors has authorized a share 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other BTGO news, CEO Michael Belshe sold 38,691 shares of BTGO stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the transaction, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. The trade was a 4.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Edward Reginelli sold 9,021 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 $44,112.69. Following the transaction, the chief financial officer owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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

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

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) provides digital-asset financial services and infrastructure for institutional clients. The company helps businesses securely custody, manage and transact in cryptocurrencies and other blockchain-based assets.

Its offerings include institutional custody, digital-asset wallets, trading and settlement services, staking, lending and prime services. BitGo also provides technology and operational tools designed to support exchanges, financial institutions, investment managers, token issuers and other organizations participating in the digital-asset ecosystem.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport.