232,020 Shares of BTGO $BTGO Acquired by State Street Corp

Key Points

• State Street Corp. acquired 232,020 BTGO shares worth approximately $1.2 million, while Tidal Investments opened a much larger position valued at about $10.3 million.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $12.77, although several firms recently lowered their targets substantially.
• BTGO reported an adjusted loss of $0.16 per share, missing estimates by $0.13. The company also authorized a $50 million share repurchase program, covering up to 7.9% of outstanding shares.

State Street Corp bought a new position in shares of BTGO (NYSE:BTGO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 232,020 shares of the company's stock, valued at approximately $1,202,000. State Street Corp owned 0.20% of BTGO as of its most recent SEC filing.

Separately, Tidal Investments LLC purchased a new position in BTGO in the 2nd quarter valued at approximately $10,327,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Cantor Fitzgerald cut their price target on BTGO from $15.00 to $13.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Mizuho cut their target price on BTGO from $14.00 to $11.00 and set an "outperform" rating for the company in a research note on Friday, August 14th. Wells Fargo & Company reduced their target price on BTGO from $13.00 to $11.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Citigroup decreased their price target on BTGO from $17.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Finally, Wedbush reduced their price objective on shares of BTGO from $15.00 to $8.00 and set an "outperform" rating for the company in a research note on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, BTGO has a consensus rating of "Moderate Buy" and an average target price of $12.77.

Insider Buying and Selling at BTGO

In other news, CFO Edward Reginelli sold 9,021 shares of the company's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $44,112.69. Following the completion of the transaction, the chief financial officer directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. This represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. 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 48,294 shares of company stock valued at $236,225 over the last quarter.

BTGO Price Performance

Shares of BTGO stock opened at $7.50 on Friday. BTGO has a 1 year low of $4.65 and a 1 year high of $24.50. The firm has a market cap of $881.62 million and a PE ratio of -5.17. The company has a 50 day simple moving average of $6.33 and a two-hundred day simple moving average of $7.41.

BTGO (NYSE:BTGO - Get Free Report) last issued its quarterly earnings results 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. As a group, research analysts anticipate that BTGO will post -0.37 earnings per share for the current year.

BTGO declared that its board has approved a stock repurchase program on Wednesday, June 17th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

BTGO Profile

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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