BTGO (NYSE:BTGO) Price Target Cut to $9.00 by Analysts at Wells Fargo & Company

BTGO (NYSE:BTGO) had its price target lowered by Wells Fargo & Company from $11.00 to $9.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 106.52% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Canaccord Genuity Group reduced their price target on shares of BTGO from $15.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday. Citigroup cut their price objective on BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Wedbush lowered their price objective on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research report on Friday, October 9th. Finally, Rosenblatt Securities reduced their price target on BTGO from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.05.

BTGO Trading Down 14.5%

NYSE:BTGO traded down $0.74 during midday trading on Tuesday, hitting $4.36. 274,903 shares of the company were exchanged, compared to its average volume of 1,283,446. BTGO has a fifty-two week low of $4.36 and a fifty-two week high of $24.50. The company has a market capitalization of $512.28 million and a PE ratio of -2.98. The company has a fifty day simple moving average of $6.69 and a 200 day simple moving average of $7.81.

BTGO (NYSE:BTGO) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.40. The company had revenue of $2.85 billion for the quarter. As a group, equities research analysts expect that BTGO will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Stone Ridge Holdings Group LP bought a new stake in shares of BTGO in the third quarter valued at about $43,908,000. Penn Capital Management Company LLC bought a new position in BTGO during the 3rd quarter valued at about $976,000. Vise Technologies Inc. acquired a new position in shares of BTGO in the 3rd quarter worth approximately $83,000. Vontobel Holding Ltd. bought a new position in shares of BTGO in the third quarter valued at about $75,000. Finally, Aspiriant LLC bought a new position in BTGO in the 3rd quarter worth approximately $135,000.

Key Stories Impacting BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo reported Q3 diluted EPS of $0.36, beating the consensus estimate of a $0.04 loss. BitGo earnings results
• Neutral Sentiment: Canaccord Genuity cut its price target from $15 to $12, while Rosenblatt lowered its target from $10 to $9; both firms maintained Buy ratings. The lower targets are a caution, though both remain above the recently cited $4.77 share price. Canaccord Genuity ratings Rosenblatt Securities ratings
• Neutral Sentiment: BitGo is promoting its goStocks initiative and integrating NYDIG’s institutional trading business, which could support longer-term growth, but the provided coverage offers limited detail on near-term financial impact. BitGo goStocks and NYDIG integration
• Negative Sentiment: Q3 revenue was about $2.85 billion, but reports highlighted a roughly 51% year-over-year drop and characterized revenue as a miss. The steep decline tempers the EPS beat and raises questions about growth. BitGo Q3 profit and revenue report
• Negative Sentiment: A third-party report noted that disclosed insider trades over the past six months were sales, with no purchases—a potential confidence concern for investors. BitGo Q3 earnings and insider activity

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.