BTGO (NYSE:BTGO) Trading Up 9% - Here's Why

Key Points

• BTGO shares jumped about 9% Monday to $9.31 intraday on light volume (≈130,326 shares vs. a ~907,970 average).
• Several firms recently initiated or updated coverage with mostly Buy ratings and an average price target of $15.32, leaving a consensus rating of "Moderate Buy".
• The company reported a quarterly loss of $1.03 EPS but revenue of $6.16B slightly beat estimates, while insiders have sold ~436,007 shares (~$7.3M) in the past 90 days.

BTGO (NYSE:BTGO - Get Free Report) was up 9% on Monday . The company traded as high as $9.18 and last traded at $9.3060. Approximately 130,326 shares traded hands during trading, a decline of 86% from the average daily volume of 907,970 shares. The stock had previously closed at $8.54.

Analyst Ratings Changes

A number of equities research analysts have weighed in on BTGO shares. Craig Hallum started coverage on BTGO in a research report on Tuesday, February 17th. They set a "buy" rating and a $18.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on BTGO in a research report on Tuesday, February 17th. They set a "buy" rating and a $17.00 price target on the stock. Cantor Fitzgerald decreased their price target on shares of BTGO from $18.00 to $17.00 and set an "overweight" rating on the stock in a research note on Friday, March 27th. Rosenblatt Securities decreased their price target on shares of BTGO from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Finally, Keefe, Bruyette & Woods raised shares of BTGO to a "hold" rating in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.32.

BTGO Trading Up 11.1%

The company has a fifty day moving average of $10.06.

BTGO (NYSE:BTGO - Get Free Report) last released its quarterly earnings results on Thursday, March 26th. The company reported ($1.03) earnings per share for the quarter. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.11 billion.

Insider Activity at BTGO

In related news, CFO Edward Reginelli sold 45,000 shares of BTGO stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $16.74, for a total value of $753,300.00. Following the sale, the chief financial officer owned 539,000 shares in the company, valued at $9,022,860. The trade was a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeff Peter Horowitz sold 116,007 shares of BTGO stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $16.74, for a total transaction of $1,941,957.18. Following the completion of the sale, the insider owned 311,118 shares in the company, valued at approximately $5,208,115.32. This trade represents a 27.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 436,007 shares of company stock worth $7,298,757.

BTGO Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.