BTGO (NYSE:BTGO) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analyst consensus is “Moderate Buy”, with 10 buy ratings, one strong-buy, three holds and one sell among 15 analysts. The average 12-month price target is $15.14, well above BTGO’s recent $5.06 price.
• BTGO reported a quarterly loss of $0.62 per share, missing the $0.07 consensus estimate, although revenue rose 112.6% year over year to $3.77 billion. Analysts expect a full-year loss of $0.32 per share.
• The board authorized a $50 million share-repurchase program, allowing buybacks of up to 7.9% of outstanding shares. Meanwhile, the CEO and CFO sold shares primarily to cover tax withholding obligations tied to vested equity awards.

BTGO (NYSE:BTGO - Get Free Report) has been given an average rating of "Moderate Buy" by the fifteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.1364.

Several analysts have weighed in on BTGO shares. Wall Street Zen cut BTGO from a "hold" rating to a "sell" rating in a research report on Sunday, May 17th. Cantor Fitzgerald reissued an "overweight" rating on shares of BTGO in a research report on Monday, June 22nd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of BTGO in a research note on Monday, July 13th.

BTGO Price Performance

Shares of NYSE BTGO opened at $5.06 on Tuesday. BTGO has a 12 month low of $4.66 and a 12 month high of $24.50. The company has a market cap of $586.76 million and a price-to-earnings ratio of -3.92. The stock has a fifty day moving average of $5.21.

BTGO (NYSE:BTGO - Get Free Report) last announced its earnings results on Wednesday, May 13th. The company reported ($0.62) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.55). The firm had revenue of $3.77 billion for the quarter. The business's quarterly revenue was up 112.6% compared to the same quarter last year. Research analysts expect that BTGO will post -0.32 EPS for the current year.

BTGO announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Michael Belshe sold 38,691 shares of the business's stock in a transaction on 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 owned 798,464 shares in the company, valued at approximately $3,904,488.96. The trade was a 4.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through 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 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 sale, the chief financial officer owned 582,489 shares in the company, valued at approximately $2,848,371.21. This trade represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 48,042 shares of company stock valued at $234,977.

About BTGO

BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.

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