BTGO (NYSE:BTGO) Given New $8.00 Price Target at Wedbush

Key Points

• Wedbush cut its BTGO price target from $15 to $8 while maintaining an “outperform” rating, implying roughly 60% upside from the prior close. The analyst consensus remains “Moderate Buy,” with an average target of $14.05.
• BTGO shares opened at $4.99, near their 12-month low of $4.66, after the company reported a quarterly loss of $0.16 per share—$0.13 worse than consensus estimates—on $4.05 billion in revenue.
• The board authorized a $50 million share buyback, covering up to 7.9% of outstanding shares. Meanwhile, the CEO and CFO sold shares to cover tax obligations tied to equity awards.

BTGO (NYSE:BTGO - Get Free Report) had its target price cut by Wedbush from $15.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price objective would indicate a potential upside of 60.32% from the stock's previous close.

A number of other analysts have also recently commented on BTGO. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of BTGO in a research note on Monday, June 22nd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of BTGO in a research note on Monday, July 13th. Wall Street Zen cut shares of BTGO from a "hold" rating to a "sell" rating in a report on Sunday, May 17th. Finally, Rosenblatt Securities lowered their price objective on shares of BTGO from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, BTGO has an average rating of "Moderate Buy" and a consensus target price of $14.05.

BTGO Stock Up 0.6%

Shares of BTGO stock opened at $4.99 on Thursday. The stock has a market capitalization of $578.64 million and a P/E ratio of -3.87. BTGO has a 12-month low of $4.66 and a 12-month high of $24.50. The company has a 50-day simple moving average of $5.18 and a 200 day simple moving average of $8.31.

BTGO (NYSE:BTGO - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.13). The company had revenue of $4.05 billion during the quarter. On average, equities analysts anticipate that BTGO will post -0.15 earnings per share for the current year.

BTGO announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Michael Belshe sold 38,691 shares of BTGO stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value 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 trade represents a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value 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 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 ninety days, insiders have sold 48,464 shares of company stock valued at $237,096.

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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