BTGO (NYSE:BTGO) Sets New 12-Month Low – Here’s Why

BTGO (NYSE:BTGO) reached a new 52-week low on Thursday. The stock traded as low as $4.46 and last traded at $4.5910, with a volume of 605,445 shares changing hands. The stock had previously closed at $5.42.

Wall Street Analysts Forecast Growth

BTGO has been the topic of several research reports. Weiss Ratings reissued a “sell (d)” rating on shares of BTGO in a research report on Friday, October 9th. Mizuho dropped their price objective on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, August 14th. Wells Fargo & Company cut their target price on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Citigroup reduced their target price on shares of BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Finally, Cantor Fitzgerald reduced their target price on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Stock Performance

The stock has a market capitalization of $551.66 million and a price-to-earnings ratio of -3.25. The company has a 50 day moving average of $6.82 and a 200 day moving average of $7.86.

BTGO (NYSE:BTGO) last issued its quarterly 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 during the quarter. As a group, research analysts expect that BTGO will post -0.27 EPS for the current fiscal year.

Institutional Trading of BTGO

A number of large investors have recently made changes to their positions in BTGO. Tidal Investments LLC acquired a new stake in BTGO in the second quarter valued at approximately $10,327,000. ParaFi Capital LP acquired a new position in BTGO during the 2nd quarter worth approximately $1,939,000. State Street Corp acquired a new position in BTGO during the 2nd quarter worth approximately $1,202,000. Penn Capital Management Company LLC acquired a new position in BTGO during the 3rd quarter worth approximately $976,000. Finally, Aspiriant LLC purchased a new stake in shares of BTGO in the 3rd quarter valued at approximately $135,000.

About BTGO

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.