Wall Street Zen Upgrades BitGo (NYSE:BTGO) to Hold

Key Points

• Wall Street Zen upgraded BitGo to Hold from Sell. Overall, analysts maintain a “Moderate Buy” consensus, with an average price target of $12.05; several firms recently cut their targets.
• BitGo reported quarterly EPS of $0.36, beating the consensus estimate of a $0.04 loss, on revenue of $2.85 billion. Its shares opened at $4.13, near the 12-month low of $3.82.
• Recent developments include expanded institutional stablecoin services, while reports of unexplained transactions from a BitGo-linked wallet are under investigation; the reports do not establish that BitGo was responsible for a breach.

BitGo (NYSE:BTGO - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other equities research analysts have also issued reports on the stock. Cantor Fitzgerald lowered their price target on shares of BitGo from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Wedbush reduced their price objective on shares of BitGo from $15.00 to $8.00 and set an "outperform" rating for the company in a report on Thursday, August 13th. Wells Fargo & Company reduced their price objective on shares of BitGo from $11.00 to $9.00 and set an "overweight" rating for the company in a report on Tuesday. Rosenblatt Securities decreased their target price on shares of BitGo from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Citigroup lowered their target price on shares of BitGo from $17.00 to $10.00 and set a "buy" rating on the stock 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 given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $12.05.

BitGo Stock Up 0.9%

BitGo stock opened at $4.13 on Friday. The business has a 50 day moving average price of $6.46 and a two-hundred day moving average price of $7.65. BitGo has a 12 month low of $3.82 and a 12 month high of $24.50.

BitGo (NYSE:BTGO - Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.40. The company had revenue of $2.85 billion for the quarter. BitGo had a negative return on equity of 568.47% and a negative net margin of 0.50%. Equities research analysts forecast that BitGo will post -0.27 EPS for the current year.

Institutional Trading of BitGo

Hedge funds have recently modified their holdings of the company. State Street Corp bought a new stake in BitGo during the 2nd quarter worth approximately $1,202,000. Tidal Investments LLC acquired a new stake in BitGo during the 2nd quarter valued at $10,327,000. ParaFi Capital LP bought a new position in BitGo in the 2nd quarter valued at $1,939,000. Stone Ridge Holdings Group LP bought a new position in BitGo in the 3rd quarter valued at $43,908,000. Finally, Penn Capital Management Company LLC acquired a new position in BitGo in the third quarter worth $976,000.

Recent BitGo Headlines

Here are a few of the latest headlines about BTGO:

• Positive Sentiment: BitGo is expanding its stablecoin services: it added USDC minting and redemption for institutional clients through Go Accounts and is powering the launch of SoFi USD on the Monad network. These integrations may broaden its institutional and blockchain business. BitGo expands USDC minting and redemption for institutional clients BitGo powers launch of SoFi USD stablecoin on Monad
• Positive Sentiment: A proof of concept with TOPPAN is exploring decentralized key management for digital assets. It is an early-stage initiative, but could offer another application for BitGo’s security technology. TOPPAN and BitGo conduct proof-of-concept for decentralized key management
• Negative Sentiment: Unocoin is investigating unexplained outgoing transactions from a BitGo-linked wallet while users reportedly face account-access problems. Reports say a freeze held, but a backup key may have allowed funds to move on-chain. The investigation could raise concerns about wallet recovery and security; the reports do not establish that BitGo was responsible for a breach. Unocoin probes suspected BitGo wallet recovery exploit Unocoin says BitGo freeze held, but a backup key let funds leave on-chain

About BitGo

BitGo Holdings, Inc. NYSE: BTGO provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.

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