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

Key Points

• BTGO has a “Moderate Buy” consensus rating from 15 analysts: 10 rate it a buy, one a strong buy, three hold, and one sell. The average 12-month price target is $12.77, though several brokerages recently lowered their targets.
• Shares opened at $7.29, with a 12-month range of $4.65 to $24.50. BTGO’s latest quarterly results missed expectations, reporting a loss of $0.16 per share versus the anticipated loss of $0.03.
• The company authorized a $50 million stock repurchase program, allowing it to buy back up to 7.9% of outstanding shares. Insiders sold shares primarily to cover tax withholding obligations, while ParaFi Capital established a new 374,400-share position.

Shares of BTGO (NYSE:BTGO - Get Free Report) have earned an average rating of "Moderate Buy" from the fifteen brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $12.7727.

Several brokerages recently weighed in on BTGO. Citigroup cut their price target on BTGO from $17.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Cantor Fitzgerald decreased their target price on BTGO from $15.00 to $13.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Mizuho dropped their price target on shares of BTGO from $14.00 to $11.00 and set an "outperform" rating on the stock in a research note on Friday, August 14th. Wells Fargo & Company reduced 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, August 13th. Finally, Wedbush reduced their price target on shares of BTGO from $15.00 to $8.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th.

BTGO Trading Down 3.1%

Shares of NYSE:BTGO opened at $7.29 on Friday. BTGO has a 12-month low of $4.65 and a 12-month high of $24.50. The company has a market capitalization of $856.94 million and a PE ratio of -5.03. The business has a 50 day moving average of $5.60 and a two-hundred day moving average of $7.71.

BTGO (NYSE:BTGO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. Equities research analysts predict that BTGO will post -0.37 earnings per share for the current fiscal year.

BTGO declared that its board has approved a stock buyback plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase 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.

Insiders Place Their Bets

In other news, CEO Michael Belshe sold 38,691 shares of the firm's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $189,198.99. Following the transaction, the chief executive officer directly owned 798,464 shares of the company's stock, valued at approximately $3,904,488.96. This trade represents a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 stock in a transaction dated 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 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 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. Insiders sold a total of 48,464 shares of company stock worth $237,096 in the last 90 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in BTGO stock. ParaFi Capital LP bought a new position in shares of BTGO (NYSE:BTGO - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 374,400 shares of the company's stock, valued at approximately $1,939,000. BTGO accounts for about 0.6% of ParaFi Capital LP's investment portfolio, making the stock its 13th largest holding. ParaFi Capital LP owned approximately 0.32% of BTGO at the end of the most recent quarter.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source