BTGO (NYSE:BTGO) Trading 6.8% Higher – What’s Next?

Shares of BTGO (NYSE:BTGO) rose 6.8% during mid-day trading on Friday . The company traded as high as $7.15 and last traded at $7.22. Approximately 620,179 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 1,267,270 shares. The stock had previously closed at $6.76.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BTGO. Rosenblatt Securities lowered their target price on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price target on shares of BTGO in a report on Friday, August 21st. Mizuho decreased their price target on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Citigroup cut their price objective on shares of BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 14th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, BTGO has a consensus rating of “Moderate Buy” and a consensus target price of $12.77.

BTGO Trading Up 8.0%

The company has a market capitalization of $858.56 million and a price-to-earnings ratio of -5.03. The company has a fifty day moving average of $5.99 and a 200-day moving average of $7.50.

BTGO (NYSE:BTGO) last posted 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 business had revenue of $4.33 billion during the quarter. As a group, equities research analysts expect that BTGO will post -0.37 EPS for the current year.

BTGO announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at BTGO

In related news, CFO Edward Reginelli sold 9,021 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $44,112.69. Following the sale, the chief financial officer owned 582,489 shares of the company’s stock, valued at $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief executive officer owned 798,464 shares in the company, valued at $3,904,488.96. This trade 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. Over the last ninety days, insiders have sold 48,294 shares of company stock valued at $236,225.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in BTGO stock. Tidal Investments LLC bought a new stake in shares of BTGO (NYSE:BTGO) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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.

BTGO Company Profile

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.