BTGO (NYSE:BTGO) Shares Gap Up – Time to Buy?

Shares of BTGO (NYSE:BTGO) gapped up prior to trading on Wednesday . The stock had previously closed at $5.44, but opened at $5.95. BTGO shares last traded at $6.2120, with a volume of 1,063,136 shares traded.

Key Headlines Impacting BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo announced a $50 million share repurchase program, which can support the stock by signaling management believes shares are undervalued and by reducing share count if repurchases are executed. BitGo Holdings Announces $50 Million Share Repurchase Program
• Positive Sentiment: BitGo Singapore announced a partnership with dtcpay to expand secure, compliant digital asset payment infrastructure across global markets, which could improve the company’s long-term growth narrative. BitGo Singapore and dtcpay Partner to Advance Secure Digital Asset Infrastructure Across Global Markets
• Neutral Sentiment: Multiple law firms continued issuing notices and deadline reminders tied to an existing securities class action against BitGo related to its IPO and disclosures, keeping legal overhang in focus for investors. ROSEN, A RANKED AND LEADING LAW FIRM, Encourages BitGo Holdings, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – BTGO
• Negative Sentiment: The repeated class-action announcements suggest ongoing litigation risk and potential costs, which may pressure sentiment on BTGO until there is more clarity on the case. Pomerantz Law Firm Announces the Filing of a Class Action Against BitGo Holdings, Inc. and Certain Officers – BTGO

Wall Street Analysts Forecast Growth

BTGO has been the subject of several research analyst reports. Clear Str upgraded shares of BTGO to a “strong-buy” rating in a research report on Tuesday, February 17th. Zacks Research upgraded shares of BTGO to a “hold” rating in a research report on Wednesday, February 18th. Citigroup dropped their price objective on shares of BTGO from $18.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Keefe, Bruyette & Woods upgraded shares of BTGO to a “hold” rating in a research report on Tuesday, February 17th. Finally, Wedbush reissued an “outperform” rating and issued a $15.00 target price on shares of BTGO in a research note on Friday, March 27th. One research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.14.

BTGO Stock Performance

The company has a 50 day simple moving average of $8.56.

BTGO (NYSE:BTGO) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The business had revenue of $3.77 billion for the quarter. BTGO’s quarterly revenue was up 112.6% compared to the same quarter last year. On average, analysts predict that BTGO will post -0.28 EPS for the current fiscal year.

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.