BTGO (NYSE:BTGO) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on BTGO, with 10 buy, one strong-buy, three hold and one sell rating among 15 firms. The average 12-month price target is $12.77, although several analysts recently lowered their targets.
• BTGO shares opened at $7.28, well below their 52-week high of $24.50, while the company reported a quarterly loss of $0.16 per share—$0.13 worse than analysts expected—on $4.33 billion in revenue.
• Insiders sold 48,294 shares worth about $236,225 over the past three months to cover tax obligations, while institutional investors including Tidal Investments, ParaFi Capital and State Street established new positions. BTGO also authorized a $50 million share repurchase program.

BTGO (NYSE:BTGO - Get Free Report) has been given an average rating of "Moderate Buy" by the fifteen research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $12.77.

A number of equities research analysts recently weighed in on BTGO shares. Citigroup decreased their target price on BTGO from $17.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Wells Fargo & Company reduced their price target on shares of BTGO from $13.00 to $11.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Rosenblatt Securities cut their price objective on BTGO from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald decreased their target price on BTGO from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of BTGO in a report on Monday, July 13th.

Insider Buying and Selling

In related news, CEO Michael Belshe sold 38,691 shares of the business's 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 completion of the transaction, the chief executive officer owned 798,464 shares in the company, valued at $3,904,488.96. The trade was a 4.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 business's stock in a transaction 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 of the company's stock, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 48,294 shares of company stock valued at $236,225.

Institutional Investors Weigh In On BTGO

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new stake in shares of BTGO in the 2nd quarter valued at about $10,327,000. ParaFi Capital LP bought a new stake in shares of BTGO during the second quarter worth $1,939,000. Finally, State Street Corp acquired a new stake in shares of BTGO in the 2nd quarter valued at about $1,202,000.

BTGO Price Performance

BTGO stock opened at $7.28 on Wednesday. BTGO has a fifty-two week low of $4.65 and a fifty-two week high of $24.50. The firm has a market cap of $855.29 million and a price-to-earnings ratio of -5.02. The firm has a fifty day moving average price of $6.41 and a two-hundred day moving average price of $7.32.

BTGO (NYSE:BTGO - Get Free Report) last released its 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 business had revenue of $4.33 billion during the quarter. As a group, sell-side analysts expect that BTGO will post -0.37 earnings per share for the current year.

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

About BTGO

BitGo Holdings, Inc NYSE: BTGO provides digital-asset financial services and infrastructure for institutional clients. The company helps businesses securely custody, manage and transact in cryptocurrencies and other blockchain-based assets.

Its offerings include institutional custody, digital-asset wallets, trading and settlement services, staking, lending and prime services. BitGo also provides technology and operational tools designed to support exchanges, financial institutions, investment managers, token issuers and other organizations participating in the digital-asset ecosystem.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport.

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