BTGO's (NYSE:BTGO) Lock-Up Period To Expire on July 21st

Key Points

• BTGO’s lock-up period expires on July 21, ending restrictions that prevented major shareholders and insiders from selling shares after the company’s IPO.
• Analyst sentiment is mixed but still leans positive overall, with an average rating of “Moderate Buy” and an average target price of $15.14, though some firms recently cut ratings and price targets.
• The company has faced weak recent results, including a Q1 EPS miss, but its board also authorized a $50 million share buyback, which may signal confidence that the stock is undervalued.

BTGO's (NYSE:BTGO - Get Free Report) lock-up period is set to end on Tuesday, July 21st. BTGO had issued 11,821,595 shares in its initial public offering on January 22nd. The total size of the offering was $212,788,710 based on an initial share price of $18.00. After the end of the company's lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analysts Set New Price Targets

Several brokerages have commented on BTGO. Wall Street Zen lowered shares of BTGO from a "hold" rating to a "sell" rating in a research report on Sunday, May 17th. The Goldman Sachs Group cut their price target on shares of BTGO from $12.00 to $10.50 and set a "neutral" rating for the company in a report on Friday, March 27th. Citigroup reduced their price objective on shares of BTGO from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Wednesday, March 18th. Wedbush reissued an "outperform" rating and set a $15.00 price objective on shares of BTGO in a report on Friday, March 27th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $15.00 target price on shares of BTGO in a research report on Friday, March 27th. One 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $15.14.

BTGO Price Performance

Shares of NYSE:BTGO opened at $5.11 on Tuesday. BTGO has a 52-week low of $4.66 and a 52-week high of $24.50. The firm has a fifty day moving average of $6.78. The stock has a market capitalization of $591.98 million and a P/E ratio of -3.96.

BTGO (NYSE:BTGO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.62) EPS for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.55). The company had revenue of $3.77 billion during the quarter. The business's revenue for the quarter was up 112.6% compared to the same quarter last year. Sell-side analysts forecast that BTGO will post -0.28 EPS for the current year.

BTGO declared that its board 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 purchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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.

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