BTGO (NYSE:BTGO) Receives Average Recommendation of “Moderate Buy” from Analysts

BTGO (NYSE:BTGO) has received an average rating of “Moderate Buy” from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $12.7727.

A number of equities research analysts have commented on the company. Citigroup decreased their price target on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Wells Fargo & Company lowered their target price on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Rosenblatt Securities dropped their target price on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Wall Street Zen lowered shares of BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th.

Insider Activity at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $44,112.69. Following the sale, the chief financial officer directly owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the sale, the chief executive officer directly owned 798,464 shares in the company, valued at $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 48,294 shares of company stock worth $236,225.

Institutional Trading of BTGO

An institutional investor recently bought a new position in BTGO stock. ParaFi Capital LP purchased a new stake in BTGO (NYSE:BTGO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO accounts for approximately 0.6% of ParaFi Capital LP’s portfolio, making the stock its 13th biggest position. ParaFi Capital LP owned approximately 0.32% of BTGO at the end of the most recent reporting period.

BTGO Stock Performance

Shares of BTGO stock opened at $7.65 on Friday. The company has a market capitalization of $899.23 million and a PE ratio of -5.28. The company has a 50-day simple moving average of $5.83 and a two-hundred day simple moving average of $7.60. BTGO has a one year low of $4.65 and a one year high of $24.50.

BTGO (NYSE:BTGO) last announced its earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The business had revenue of $4.33 billion for the quarter. On average, equities analysts predict that BTGO will post -0.37 earnings per share for the current fiscal year.

BTGO declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.