BTGO (NYSE:BTGO) Price Target Cut to $13.00 by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered BTGO’s price target to $13 from $15 while maintaining an “overweight” rating, implying 126.2% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $12.77, despite recent target cuts and some “sell” ratings.
• BTGO reported a quarterly loss of $0.16 per share, missing estimates by $0.13, while its board authorized a $50 million share buyback covering up to 7.9% of outstanding shares.

BTGO (NYSE:BTGO - Get Free Report) had its price target lowered by equities researchers at Cantor Fitzgerald from $15.00 to $13.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's target price would indicate a potential upside of 126.20% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Wall Street Zen lowered BTGO from a "hold" rating to a "sell" rating in a research report on Sunday, May 17th. Citigroup dropped 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. Weiss Ratings reiterated a "sell (d)" rating on shares of BTGO in a report on Monday, July 13th. Wells Fargo & Company lowered their price objective on shares of BTGO from $13.00 to $11.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Mizuho dropped their price objective on shares of BTGO from $14.00 to $11.00 and set an "outperform" rating on the stock in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $12.77.

BTGO Stock Down 0.2%

BTGO opened at $5.75 on Monday. BTGO has a 12 month low of $4.65 and a 12 month high of $24.50. The company has a fifty day simple moving average of $5.20 and a 200 day simple moving average of $8.20. The stock has a market cap of $666.42 million and a P/E ratio of -4.46.

BTGO (NYSE:BTGO - Get Free Report) last posted its 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 $4.05 billion during the quarter. On average, equities research analysts expect that BTGO will post -0.39 earnings per share for the current fiscal year.

BTGO announced that its board has initiated a share buyback plan on Wednesday, June 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at BTGO

In related news, CEO Michael Belshe sold 38,691 shares of the 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 completion of the transaction, the chief executive officer owned 798,464 shares in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 firm'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 completion of the transaction, the chief financial officer directly owned 582,489 shares of the company's stock, valued at approximately $2,848,371.21. This trade represents a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 48,464 shares of company stock valued at $237,096 in the last 90 days.

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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