BTGO (NYSE:BTGO) Sets New 12-Month Low - Here's Why

Key Points

• BTGO hit a new 52-week low, falling 13.4% to an intraday low of $4.46 after closing previously at $5.42.
• Several analysts cut their price targets, though the consensus rating remains Moderate Buy with an average target of $12.77.
• The company reported a quarterly loss of $0.16 per share, missing the consensus estimate of a $0.03 loss; quarterly revenue was $4.33 billion.

Shares of BTGO (NYSE:BTGO - Get Free Report) hit a new 52-week low during trading on Thursday. The company traded as low as $4.46 and last traded at $4.5910, with a volume of 605,445 shares traded. The stock had previously closed at $5.42.

Analyst Ratings Changes

BTGO has been the subject of several analyst reports. Cantor Fitzgerald dropped their price target on shares of BTGO from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. Wedbush reduced their price target on shares of BTGO from $15.00 to $8.00 and set an "outperform" rating on the stock in a research report on Thursday, August 13th. Rosenblatt Securities decreased their price objective on BTGO from $15.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Mizuho lowered their price objective on BTGO from $14.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, August 14th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of BTGO in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $12.77.

BTGO Trading Down 13.4%

The stock has a market capitalization of $551.66 million and a PE ratio of -3.25. The firm's fifty day moving average is $6.82 and its 200-day moving average is $7.86.

BTGO (NYSE:BTGO - Get Free Report) last posted its 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 for the quarter. As a group, equities analysts predict that BTGO will post -0.27 EPS for the current year.

Institutional Trading of BTGO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Penn Capital Management Company LLC purchased a new position in shares of BTGO during the third quarter worth $976,000. Vise Technologies Inc. acquired a new stake in shares of BTGO in the third quarter valued at $83,000. Vontobel Holding Ltd. acquired a new stake in shares of BTGO in the third quarter valued at $75,000. Aspiriant LLC purchased a new stake in shares of BTGO in the 3rd quarter valued at $135,000. Finally, State Street Corp purchased a new stake in shares of BTGO in the 2nd quarter valued at $1,202,000.

About BTGO

BitGo Holdings, Inc NYSE: BTGO is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.

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