Tidal Investments LLC Takes Position in BTGO $BTGO

Key Points

• Tidal Investments acquired 1.99 million BTGO shares worth approximately $10.3 million, giving it a 1.70% stake; ParaFi Capital also initiated a position valued at about $1.9 million.
• Analyst sentiment is mostly positive, with BTGO rated “Moderate Buy” and a consensus price target of $12.77, although several firms recently lowered their targets. The stock opened at $7.65 and has traded between $4.65 and $24.50 over the past year.
• BTGO missed quarterly earnings expectations, reporting a loss of $0.16 per share versus the expected $0.03 loss. The company has authorized a $50 million share repurchase program covering up to 7.9% of outstanding shares.

Tidal Investments LLC acquired a new stake in BTGO (NYSE:BTGO - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,993,619 shares of the company's stock, valued at approximately $10,327,000. Tidal Investments LLC owned about 1.70% of BTGO at the end of the most recent reporting period.

Separately, ParaFi Capital LP acquired a new stake in BTGO during the 2nd quarter worth approximately $1,939,000.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Citigroup decreased their price target on shares of BTGO from $17.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 14th. Weiss Ratings reiterated a "sell (d)" rating on shares of BTGO in a report on Monday, July 13th. Mizuho reduced their price objective 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. Wedbush decreased their price objective on BTGO from $15.00 to $8.00 and set an "outperform" rating for the company in a report on Thursday, August 13th. Finally, Cantor Fitzgerald lowered their target price on BTGO from $15.00 to $13.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, BTGO currently has an average rating of "Moderate Buy" and a consensus price target of $12.77.

BTGO Price Performance

Shares of BTGO stock opened at $7.65 on Friday. The stock has a market capitalization of $899.23 million and a PE ratio of -5.28. The business's 50 day simple moving average is $5.83 and its 200 day simple moving average is $7.60. BTGO has a one year low of $4.65 and a one year high of $24.50.

BTGO (NYSE:BTGO - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The business had revenue of $4.33 billion for the quarter. As a group, research analysts expect that BTGO will post -0.37 earnings per share for the current year.

BTGO declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at BTGO

In other news, CFO Edward Reginelli sold 9,021 shares of the 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 $2,848,371.21. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 BTGO stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $189,198.99. Following the transaction, the chief executive officer directly owned 798,464 shares of the company's stock, valued at $3,904,488.96. This represents a 4.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 48,294 shares of company stock valued at $236,225.

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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