BTGO (NYSE:BTGO) Stock Has Average Target Price of $12.77

BTGO (NYSE:BTGO) has been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $12.77.

A number of equities research analysts have recently weighed in on the company. Wedbush dropped their target price on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research note on Monday, July 13th. Rosenblatt Securities lowered their target price on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Wells Fargo & Company dropped their price target on shares of 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 cut their price target on BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, August 14th.

BTGO Price Performance

Shares of BTGO stock opened at $7.40 on Wednesday. The business has a fifty day simple moving average of $6.54 and a two-hundred day simple moving average of $7.27. BTGO has a 1 year low of $4.65 and a 1 year high of $24.50. The company has a market capitalization of $869.87 million and a price-to-earnings ratio of -5.10.

BTGO (NYSE:BTGO) last announced its earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The company had revenue of $4.33 billion for the quarter. As a group, equities analysts anticipate that BTGO will post -0.27 earnings per share for the current fiscal year.

BTGO announced that its board has authorized a stock buyback program on Wednesday, June 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at BTGO

In other BTGO news, CEO Michael Belshe sold 38,691 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction 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. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Edward Reginelli sold 9,021 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction of $44,112.69. Following the completion of the transaction, the chief financial officer owned 582,489 shares of the company’s stock, valued at $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 worth $236,225 over the last quarter.

Institutional Investors Weigh In On BTGO

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTGO. State Street Corp acquired a new position in shares of BTGO during the 2nd quarter worth $1,202,000. Tidal Investments LLC bought a new position in shares of BTGO in the second quarter worth about $10,327,000. Finally, ParaFi Capital LP acquired a new stake in shares of BTGO in the 2nd quarter valued at approximately $1,939,000.

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) is a digital asset infrastructure company that provides custody, security, trading and financial services for institutional participants in the cryptocurrency market. Its platform is designed to help businesses securely store, manage and transact in digital assets.

The company’s services include institutional cryptocurrency custody, hot and cold wallet solutions, settlement, staking, lending and trading-related services. BitGo also provides technology and operational infrastructure intended to support asset managers, exchanges, financial institutions, corporations and other organizations involved with digital assets.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport and is headquartered in Palo Alto, California.