BTGO (NYSE:BTGO) Trading Down 8.3% – What’s Next?

BTGO (NYSE:BTGO) shares dropped 8.3% during mid-day trading on Tuesday . The company traded as low as $6.76 and last traded at $7.2240. Approximately 1,878,890 shares were traded during trading, an increase of 51% from the average daily volume of 1,241,117 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

BTGO has been the subject of a number of research reports. Cantor Fitzgerald cut their target price on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Wedbush dropped their target price on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Citigroup decreased their price objective on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 14th. Wells Fargo & Company lowered their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Finally, Mizuho reduced their price target on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BTGO has a consensus rating of “Moderate Buy” and an average price target of $12.77.

BTGO Price Performance

The firm has a market capitalization of $803.45 million and a P/E ratio of -4.70. The firm has a 50-day moving average price of $5.96 and a two-hundred day moving average price of $7.52.

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

BTGO declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CFO Edward Reginelli sold 9,021 shares of the firm’s 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 directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $189,198.99. Following the sale, the chief executive officer owned 798,464 shares of the company’s stock, 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. Over the last three months, insiders have sold 48,294 shares of company stock valued at $236,225.

Institutional Trading of BTGO

An institutional investor recently bought a new position in BTGO stock. Tidal Investments LLC bought a new position in shares of BTGO (NYSE:BTGO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,993,619 shares of the company’s stock, valued at approximately $10,327,000. Tidal Investments LLC owned about 1.70% of BTGO at the end of the most recent reporting period.

About BTGO

BitGo Holdings, Inc (NYSE: BTGO) provides digital-asset financial services and infrastructure for institutional clients. The company helps businesses securely custody, manage and transact in cryptocurrencies and other blockchain-based assets.

Its offerings include institutional custody, digital-asset wallets, trading and settlement services, staking, lending and prime services. BitGo also provides technology and operational tools designed to support exchanges, financial institutions, investment managers, token issuers and other organizations participating in the digital-asset ecosystem.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport.