BTGO (NYSE:BTGO) Shares Climb 6.5% - Time to Buy?

Key Points

• BTGO shares rose 6.5% to $6.1150, though trading volume was 82% below the stock’s average daily volume.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $12.77, despite multiple recent target-price cuts.
• The company missed quarterly earnings expectations, reporting a loss of $0.16 per share versus a forecasted loss of $0.03; analysts expect a full-year loss of $0.27 per share.

BTGO (NYSE:BTGO - Get Free Report)'s share price shot up 6.5% on Wednesday. The company traded as high as $6.17 and last traded at $6.1150. 232,705 shares were traded during trading, a decline of 82% from the average daily volume of 1,307,596 shares. The stock had previously closed at $5.74.

Analyst Ratings Changes

Several equities research analysts recently commented on BTGO shares. Wedbush dropped their target price on BTGO from $15.00 to $8.00 and set an "outperform" rating on the stock in a report on Thursday, August 13th. Rosenblatt Securities reduced their price target on shares of BTGO from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Canaccord Genuity Group reissued a "buy" rating and issued a $15.00 price target on shares of BTGO in a research note on Friday, August 21st. Citigroup lowered their target price on shares of BTGO from $17.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Finally, Cantor Fitzgerald decreased their price target on BTGO from $15.00 to $13.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.77.

BTGO Stock Up 7.2%

The stock has a fifty day moving average of $6.96 and a 200-day moving average of $7.04. The firm has a market capitalization of $723.05 million and a P/E ratio of -4.25.

BTGO (NYSE:BTGO - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share 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, analysts forecast that BTGO will post -0.27 EPS for the current fiscal year.

Insider Activity at BTGO

In other BTGO news, CEO Michael Belshe sold 38,691 shares of the company'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 completion of the sale, the chief executive officer owned 798,464 shares of the company's stock, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $44,112.69. Following the completion of the sale, the chief financial officer owned 582,489 shares of the company's stock, valued at $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 48,134 shares of company stock worth $235,430 in the last three months.

Institutional Investors Weigh In On BTGO

Institutional investors and hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. bought a new stake in BTGO during the 3rd quarter worth $75,000. Aspiriant LLC acquired a new position in BTGO in the third quarter valued at $135,000. State Street Corp acquired a new stake in BTGO during the second quarter worth approximately $1,202,000. ParaFi Capital LP acquired a new position in shares of BTGO during the second quarter valued at about $1,939,000. Finally, Tidal Investments LLC acquired a new position in BTGO during the 2nd quarter worth approximately $10,327,000.

About BTGO

BitGo Holdings, Inc NYSE: BTGO is a digital asset infrastructure company that provides custody, security, trading and financial services for institutional participants in the cryptocurrency market. Its platform is designed to help businesses securely store, manage and transact in digital assets.

The company's services include institutional cryptocurrency custody, hot and cold wallet solutions, settlement, staking, lending and trading-related services. BitGo also provides technology and operational infrastructure intended to support asset managers, exchanges, financial institutions, corporations and other organizations involved with digital assets.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport and is headquartered in Palo Alto, California.

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