BTGO (NYSE:BTGO) Price Target Cut to $9.00 by Analysts at Rosenblatt Securities

Key Points

• Rosenblatt cut its BTGO price target from $10 to $9 but maintained a Buy rating; the new target implies 76.23% upside from the stock’s current price.
• Analyst sentiment is broadly positive: BTGO has a consensus “Moderate Buy” rating and an average price target of $12.23, though recent targets from several firms were lowered.
• Third-quarter results were mixed: adjusted EPS of $0.36 beat expectations for a loss, while revenue was about $2.85 billion and was reported as declining year over year; the company also recorded an operating loss and used cash in operations.

BTGO (NYSE:BTGO - Get Free Report) had its price target lowered by research analysts at Rosenblatt Securities from $10.00 to $9.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities's target price indicates a potential upside of 76.23% from the stock's current price.

Several other brokerages also recently commented on BTGO. Weiss Ratings reissued a "sell (d)" rating on shares of BTGO in a research note on Friday, October 9th. Canaccord Genuity Group reduced their price target on shares of BTGO from $15.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday. Mizuho set a $9.00 target price on BTGO in a research report on Tuesday. Cantor Fitzgerald lowered their price target on shares of BTGO from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Finally, Citigroup decreased their price objective on BTGO from $17.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $12.23.

BTGO Stock Performance

NYSE:BTGO opened at $5.11 on Tuesday. The company has a market capitalization of $600.33 million and a PE ratio of -3.52. BTGO has a fifty-two week low of $4.36 and a fifty-two week high of $24.50. The company has a 50 day simple moving average of $6.69 and a two-hundred day simple moving average of $7.81.

BTGO (NYSE:BTGO - Get Free Report) last announced its earnings results on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.40. The firm had revenue of $2.85 billion for the quarter. Research analysts predict that BTGO will post -0.27 EPS for the current year.

Institutional Investors Weigh In On BTGO

Several institutional investors have recently added to or reduced their stakes in the company. Stone Ridge Holdings Group LP bought a new stake in shares of BTGO in the third quarter worth about $43,908,000. Penn Capital Management Company LLC purchased a new stake in BTGO in the third quarter worth $976,000. Vise Technologies Inc. purchased a new stake in BTGO in the third quarter worth $83,000. Vontobel Holding Ltd. bought a new position in BTGO in the third quarter worth $75,000. Finally, Aspiriant LLC purchased a new position in BTGO during the third quarter valued at $135,000.

Key Stories Impacting BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: Q3 adjusted results included EPS of $0.36, well above the analyst consensus of a $0.04 loss. Net income attributable to common shareholders was $44.1 million, indicating improved bottom-line performance. Earnings results
• Positive Sentiment: Management is pursuing growth through goStocks, aiming to connect investors with capital markets, and is integrating NYDIG’s institutional trading business, acquired in August. Successful execution could broaden BitGo’s offerings and reach. goStocks and NYDIG strategy
• Neutral Sentiment: Q3 revenue was about $2.85 billion, but coverage highlighted a year-over-year decline and a revenue miss. Revenue alone may be difficult to interpret alongside the company’s transaction and institutional trading activity. Q3 investor takeaways
• Negative Sentiment: Despite the net profit, BitGo reported a $19.2 million operating loss and used $18.5 million in operating cash during the quarter, leaving questions about recurring operating profitability and cash generation. Q3 financial details
• Negative Sentiment: Reported insider activity showed nine open-market sales and no purchases over the past six months. While not necessarily a near-term signal, the pattern could weigh on confidence. Insider activity and earnings

BTGO Company Profile

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.

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