ParaFi Capital LP Takes $1.94 Million Position in BTGO $BTGO

Key Points

• ParaFi Capital acquired 374,400 BTGO shares worth approximately $1.94 million, making the position 0.6% of its portfolio and about 0.32% of BTGO’s outstanding shares.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $12.77, despite recent target reductions and sell ratings from some firms.
• BTGO reported a quarterly loss of $0.16 per share, missing expectations, while the company authorized a $50 million share buyback; insiders sold $237,096 of stock over the latest quarter to cover equity-award tax obligations.

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

Analyst Ratings Changes

A number of brokerages recently issued reports on BTGO. Wall Street Zen cut shares of BTGO from a "hold" rating to a "sell" rating in a research note on Sunday, May 17th. Weiss Ratings reiterated a "sell (d)" rating on shares of BTGO in a research report on Monday, July 13th. Canaccord Genuity Group reissued a "buy" rating and set a $15.00 price target on shares of BTGO in a research note on Friday, August 21st. Mizuho reduced their price target on BTGO from $14.00 to $11.00 and set an "outperform" rating on the stock in a report on Friday, August 14th. Finally, Wedbush lowered their price objective on 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 given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.77.

BTGO Stock Up 2.0%

Shares of NYSE:BTGO opened at $7.07 on Thursday. The firm has a market cap of $830.61 million and a P/E ratio of -4.87. BTGO has a 12-month low of $4.65 and a 12-month high of $24.50. The business has a fifty day simple moving average of $5.50 and a 200 day simple moving average of $7.73.

BTGO (NYSE:BTGO - Get Free Report) last released 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 business had revenue of $4.33 billion during the quarter. As a group, equities research analysts expect that BTGO will post -0.37 EPS for the current year.

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

Insider Activity at BTGO

In other 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 transaction, the chief executive officer owned 798,464 shares in the company, valued at approximately $3,904,488.96. The trade was a 4.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 company's stock in a transaction on 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 directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. This represents a 1.53% 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 48,464 shares of company stock worth $237,096 over the last quarter.

BTGO 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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