BitGo (NYSE:BTGO) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of BitGo (NYSE:BTGO) from a sell rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other analysts have also issued reports on BTGO. Wells Fargo & Company lowered their target price on BitGo from $11.00 to $9.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 10th. Citigroup cut their price target on BitGo from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Weiss Ratings reissued a “sell (d)” rating on shares of BitGo in a report on Friday, October 9th. Wedbush decreased their price objective on BitGo from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Finally, Canaccord Genuity Group lowered their price objective on BitGo from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, BitGo presently has an average rating of “Moderate Buy” and a consensus target price of $12.05.

BitGo Price Performance

Shares of BitGo stock traded up $0.04 during trading hours on Friday, hitting $4.13. 1,898,797 shares of the company’s stock traded hands, compared to its average volume of 1,108,162. The stock has a market capitalization of $485.25 million and a price-to-earnings ratio of -2.85. BitGo has a 12-month low of $3.82 and a 12-month high of $24.50. The company has a fifty day simple moving average of $6.46 and a 200-day simple moving average of $7.65.

BitGo (NYSE:BTGO) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.40. The company had revenue of $2.85 billion for the quarter. BitGo had a negative net margin of 0.50% and a negative return on equity of 568.47%. On average, analysts forecast that BitGo will post -0.27 EPS for the current fiscal year.

Institutional Trading of BitGo

Several institutional investors and hedge funds have recently bought and sold shares of the company. Stone Ridge Holdings Group LP bought a new position in BitGo in the 3rd quarter valued at $43,908,000. Tidal Investments LLC bought a new position in shares of BitGo in the second quarter worth $10,327,000. State Street Corp raised its position in shares of BitGo by 454.3% in the third quarter. State Street Corp now owns 1,286,198 shares of the company’s stock worth $9,518,000 after buying an additional 1,054,178 shares in the last quarter. ParaFi Capital LP purchased a new stake in shares of BitGo in the second quarter worth $1,939,000. Finally, Marshall Wace LLP purchased a new stake in shares of BitGo in the third quarter worth $1,206,000.

Key Stories Impacting BitGo

Here are a few of the latest stories about BTGO:

• Positive Sentiment: BitGo is expanding its stablecoin services: it added USDC minting and redemption for institutional clients through Go Accounts and is powering the launch of SoFi USD on the Monad network. These integrations may broaden its institutional and blockchain business. BitGo expands USDC minting and redemption for institutional clients BitGo powers launch of SoFi USD stablecoin on Monad
• Positive Sentiment: BitGo also announced a connection linking 10 exchange brands for institutional treasury teams and expanded its Aptos relationship with APT staking support. These initiatives could make its custody and related services more useful to institutions. BitGo Link connects 10 exchange brands BitGo adds APT stake to its growing Aptos relationship
• Negative Sentiment: Separate reports say Wells Fargo, Canaccord Genuity, and Rosenblatt lowered their expectations for BTGO, adding to negative sentiment around the shares. Wells Fargo issues pessimistic forecast for BTGO Canaccord Genuity lowers expectations for BTGO

About BitGo

BitGo Holdings, Inc. (NYSE: BTGO) provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.