BTGO’s (BTGO) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of BTGO (NYSE:BTGO) in a research note published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a $15.00 price objective on the stock.

Several other equities research analysts have also issued reports on BTGO. Rosenblatt Securities lowered their target price on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Mizuho cut their price target on BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Wedbush lowered their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Finally, Wells Fargo & Company lowered their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, BTGO currently has a consensus rating of “Moderate Buy” and an average target price of $12.77.

BTGO Price Performance

BTGO opened at $6.87 on Friday. The firm has a fifty day moving average price of $5.29 and a 200 day moving average price of $7.96. BTGO has a 1 year low of $4.65 and a 1 year high of $24.50. The stock has a market cap of $807.57 million and a P/E ratio of -4.74.

BTGO (NYSE:BTGO) last announced its quarterly 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 company had revenue of $4.05 billion for the quarter. Equities analysts expect that BTGO will post -0.39 EPS for the current year.

BTGO announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the 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 directly owned 582,489 shares of the company’s stock, valued at $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 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 owned 798,464 shares in the company, valued at approximately $3,904,488.96. This trade represents a 4.62% decrease in their position. 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. Over the last ninety days, insiders have sold 48,464 shares of company stock worth $237,096.

Institutional Investors Weigh In On BTGO

An institutional investor recently bought a new stake in BTGO stock. ParaFi Capital LP acquired a new position in shares of BTGO (NYSE:BTGO) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO makes up 0.6% of ParaFi Capital LP’s holdings, making the stock its 13th largest position. ParaFi Capital LP owned 0.32% of BTGO at the end of the most recent quarter.

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.