Rosenblatt Securities Lowers BTGO (NYSE:BTGO) Price Target to $10.00

Key Points

• Rosenblatt Securities lowered BTGO’s price target from $15 to $10 while maintaining a “buy” rating, implying roughly 100% upside from the stock’s $4.99 price.
• Analyst sentiment remains mixed but leans positive: BTGO has a consensus “Moderate Buy” rating and an average target of $14.68, despite recent sell ratings from Weiss Ratings and Wall Street Zen.
• BTGO reported quarterly EPS of $(0.16), missing the $(0.03) consensus estimate, while revenue reached $4.05 billion. The company also authorized a $50 million share buyback, covering up to 7.9% of outstanding shares.

BTGO (NYSE:BTGO - Get Free Report) had its price target dropped by Rosenblatt Securities from $15.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' target price suggests a potential upside of 100.40% from the stock's current price.

Several other equities research analysts also recently weighed in on BTGO. Weiss Ratings reiterated a "sell (d)" rating on shares of BTGO in a research note on Monday, July 13th. Wall Street Zen downgraded shares of BTGO from a "hold" rating to a "sell" rating in a research report on Sunday, May 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of BTGO in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $14.68.

BTGO Trading Up 0.6%

Shares of NYSE:BTGO opened at $4.99 on Thursday. The company has a market cap of $578.64 million and a PE ratio of -3.87. The company's 50 day moving average is $5.18 and its two-hundred day moving average is $8.31. BTGO has a 52 week low of $4.66 and a 52 week high of $24.50.

BTGO (NYSE:BTGO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.13). The company had revenue of $4.05 billion during the quarter. As a group, equities research analysts expect that BTGO will post -0.15 EPS for the current year.

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

Insider Activity

In related news, CEO Michael Belshe sold 38,691 shares of the business's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction 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 $3,904,488.96. This represents a 4.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 that occurred on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $44,112.69. Following the sale, the chief financial officer owned 582,489 shares in the company, valued at $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. 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. Insiders sold a total of 48,464 shares of company stock valued at $237,096 over the last ninety days.

BTGO Company 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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