BTGO (NYSE:BTGO) Board of Directors Initiates Stock Repurchase Program

BTGO (NYSE:BTGO) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 17th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BTGO. Weiss Ratings began coverage on shares of BTGO in a research note on Wednesday, April 15th. They set a “sell (d)” rating on the stock. Craig Hallum began coverage on shares of BTGO in a research note on Tuesday, February 17th. They set a “buy” rating and a $18.00 target price on the stock. Rosenblatt Securities cut their target price on shares of BTGO from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Cantor Fitzgerald cut their target price on shares of BTGO from $17.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Finally, Zacks Research raised shares of BTGO to a “hold” rating in a research note on Wednesday, February 18th. One investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $15.14.

BTGO Stock Performance

Shares of NYSE BTGO traded up $0.49 during midday trading on Wednesday, hitting $5.93. The stock had a trading volume of 3,412,889 shares, compared to its average volume of 2,223,651. The firm’s 50 day moving average is $8.51. BTGO has a 52 week low of $4.66 and a 52 week high of $24.50.

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

Key Stories Impacting BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo approved a $50 million stock buyback, a shareholder-friendly move that can reduce share count and signal confidence in the company’s valuation. Article Title
• Positive Sentiment: BitGo Singapore partnered with dtcpay to expand secure, compliant digital-asset payment infrastructure across global markets, which supports the company’s growth narrative. Article Title
• Neutral Sentiment: Several law firms issued reminders and deadline notices related to an existing securities class-action lawsuit against BitGo, keeping legal scrutiny in the headlines but not changing the case itself. Article Title
• Negative Sentiment: The ongoing securities fraud lawsuit remains an overhang for BTGO, as investors weigh potential legal costs and reputational risk. Article Title

BTGO Company Profile

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.