Tidal Investments LLC Invests $10.33 Million in BTGO $BTGO

Tidal Investments LLC bought a new stake in shares of BTGO (NYSE:BTGO) during the second quarter, Holdings Channel reports. The institutional investor bought 1,993,619 shares of the company’s stock, valued at approximately $10,327,000.

Separately, ParaFi Capital LP bought a new stake in BTGO in the second quarter valued at $1,939,000.

Insider Transactions at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of BTGO stock in a transaction dated 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 owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 BTGO stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $189,198.99. Following the completion of the sale, the chief executive officer directly owned 798,464 shares in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 48,294 shares of company stock valued at $236,225 in the last 90 days.

BTGO Trading Up 3.2%

Shares of BTGO stock opened at $7.65 on Friday. The business’s fifty day simple moving average is $5.83 and its 200 day simple moving average is $7.60. BTGO has a 12 month low of $4.65 and a 12 month high of $24.50. The firm has a market capitalization of $899.23 million and a P/E ratio of -5.28.

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

BTGO declared that its board has approved a stock 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 buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BTGO shares. Rosenblatt Securities cut their price objective 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. Wedbush reduced their price objective on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Wall Street Zen downgraded BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Wells Fargo & Company lowered their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Finally, Citigroup reduced their price target on shares of BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $12.77.

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.