BitGo (NYSE:BTGO) Sets New 1-Year Low - Time to Sell?

Key Points

• BitGo hit a new 52-week low, trading as low as $3.95 on Thursday, down from the prior close of $4.36.
• Analysts have cut price targets, but the consensus remains “Moderate Buy” with a $12.05 target; ratings include ten Buys, three Holds, and one Sell.
• BitGo beat quarterly EPS expectations, reporting $0.36 per share and $2.85 billion in revenue, though it posted a negative net margin.

BitGo Holdings, Inc. (NYSE:BTGO - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $3.95 and last traded at $4.1150, with a volume of 1,633,340 shares trading hands. The stock had previously closed at $4.36.

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 added APT staking, deepening its relationship with the Aptos ecosystem and broadening its staking services. BitGo adds APT stake to its growing Aptos relationship
• 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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Canaccord Genuity Group reduced their price target on BitGo from $15.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday. Weiss Ratings reiterated a "sell (d)" rating on shares of BitGo in a report on Friday, October 9th. Rosenblatt Securities lowered their price objective on shares of BitGo from $10.00 to $9.00 and set a "buy" rating on the stock in a report on Tuesday. Citigroup decreased their target price on shares of BitGo from $17.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 14th. Finally, Mizuho lowered their price target on shares of BitGo from $11.00 to $9.00 and set an "outperform" rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BitGo currently has an average rating of "Moderate Buy" and a consensus price target of $12.05.

BitGo Stock Down 5.6%

The stock's fifty day moving average price is $6.52 and its 200-day moving average price is $7.70.

BitGo (NYSE:BTGO - Get Free Report) last posted its quarterly earnings results on Monday, November 9th. The company reported $0.36 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%. On average, analysts predict that BitGo Holdings, Inc. will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stone Ridge Holdings Group LP acquired a new position in shares of BitGo during the 3rd quarter worth approximately $43,908,000. Tidal Investments LLC bought a new stake in BitGo in the 2nd quarter valued at $10,327,000. State Street Corp lifted its holdings in BitGo by 454.3% during the 3rd quarter. State Street Corp now owns 1,286,198 shares of the company's stock valued at $9,518,000 after purchasing an additional 1,054,178 shares during the last quarter. ParaFi Capital LP acquired a new stake in BitGo during the 2nd quarter valued at $1,939,000. Finally, Penn Capital Management Company LLC acquired a new stake in BitGo during the 3rd quarter valued at $976,000.

About BitGo

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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