BitGo Holdings, Inc. $BTGO Shares Newly Bought by Stone Ridge Holdings Group LP

Key Points

• Stone Ridge Holdings Group bought 5.93 million BitGo shares in the third quarter, valued at about $43.9 million. The stake represents roughly 5.05% of BitGo and 71.8% of Stone Ridge’s portfolio.
• Analysts lowered several price targets, though the consensus rating remains “Moderate Buy” with a $12.05 target. BitGo shares opened at $4.12, near their 52-week low of $3.95.
• BitGo reported quarterly EPS of $0.36, beating estimates of a $0.04 loss, on $2.85 billion in revenue.

Stone Ridge Holdings Group LP acquired a new stake in BitGo Holdings, Inc. (NYSE:BTGO - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,933,577 shares of the company's stock, valued at approximately $43,908,000. BitGo comprises approximately 71.8% of Stone Ridge Holdings Group LP's holdings, making the stock its largest position. Stone Ridge Holdings Group LP owned approximately 5.05% of BitGo at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Penn Capital Management Company LLC acquired a new stake in BitGo during the 3rd quarter valued at approximately $976,000. Vise Technologies Inc. purchased a new stake in BitGo during the 3rd quarter worth approximately $83,000. Vontobel Holding Ltd. purchased a new stake in BitGo during the 3rd quarter worth approximately $75,000. Aspiriant LLC acquired a new position in shares of BitGo in the 3rd quarter valued at approximately $135,000. Finally, State Street Corp acquired a new position in shares of BitGo in the 2nd quarter valued at approximately $1,202,000.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Rosenblatt Securities reduced their target price on BitGo from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday. Mizuho decreased their price target on shares of BitGo from $11.00 to $9.00 and set an "outperform" rating for the company in a research report on Tuesday. Cantor Fitzgerald cut their price target on shares of BitGo from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Canaccord Genuity Group cut their price target on shares of BitGo from $15.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of BitGo in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, BitGo has an average rating of "Moderate Buy" and a consensus target price of $12.05.

BitGo Trading Down 5.6%

Shares of NYSE:BTGO opened at $4.12 on Friday. The firm's 50 day moving average is $6.52 and its two-hundred day moving average is $7.70. BitGo Holdings, Inc. has a 52 week low of $3.95 and a 52 week high of $24.50. The firm has a market capitalization of $483.72 million and a P/E ratio of -2.84.

BitGo (NYSE:BTGO - Get Free Report) last issued its quarterly earnings data on Monday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.40. The business had revenue of $2.85 billion during the quarter. BitGo had a negative return on equity of 568.47% and a negative net margin of 0.50%. Analysts predict that BitGo Holdings, Inc. will post -0.27 EPS for the current year.

BitGo News Roundup

These are some of the BTGO news items that stood out recently:

• Positive Sentiment: BitGo added USDC minting and redemption to Go Accounts for institutional clients, potentially making stablecoin transactions more convenient within its platform. BitGo expands USDC minting and redemption for institutional clients
• Positive Sentiment: BitGo Link now connects 10 exchange brands for institutional treasury teams, expanding connectivity for clients managing digital-asset operations. BitGo Link Connects 10 Exchange Brands for Institutional Treasury Teams
• Neutral Sentiment: BitGo and TOPPAN conducted a proof of concept for decentralized digital-asset key management. The security-focused test could support future services, but no commercial rollout or revenue impact was reported. TOPPAN and BitGo Conduct Proof-of-Concept for Decentralized Key Management

BitGo Company Profile

BitGo Holdings, Inc. NYSE: BTGO provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.

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