BTGO (NYSE:BTGO) Shares Gap Up – Still a Buy?

Shares of BTGO (NYSE:BTGO) gapped up before the market opened on Wednesday . The stock had previously closed at $5.44, but opened at $5.95. BTGO shares last traded at $6.2120, with a volume of 1,063,136 shares changing hands.

BTGO News Roundup

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo announced a $50 million share repurchase program, which can support the stock by signaling management believes shares are undervalued and by reducing share count if repurchases are executed. BitGo Holdings Announces $50 Million Share Repurchase Program
• Positive Sentiment: BitGo Singapore announced a partnership with dtcpay to expand secure, compliant digital asset payment infrastructure across global markets, which could improve the company’s long-term growth narrative. BitGo Singapore and dtcpay Partner to Advance Secure Digital Asset Infrastructure Across Global Markets
• Neutral Sentiment: Multiple law firms continued issuing notices and deadline reminders tied to an existing securities class action against BitGo related to its IPO and disclosures, keeping legal overhang in focus for investors. ROSEN, A RANKED AND LEADING LAW FIRM, Encourages BitGo Holdings, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – BTGO
• Negative Sentiment: The repeated class-action announcements suggest ongoing litigation risk and potential costs, which may pressure sentiment on BTGO until there is more clarity on the case. Pomerantz Law Firm Announces the Filing of a Class Action Against BitGo Holdings, Inc. and Certain Officers – BTGO

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Wedbush reissued an “outperform” rating and set a $15.00 price objective on shares of BTGO in a report on Friday, March 27th. Zacks Research raised BTGO to a “hold” rating in a report on Wednesday, February 18th. Citigroup decreased their price target on BTGO from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Finally, The Goldman Sachs Group lowered their price target on shares of BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Friday, March 27th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.14.

BTGO Trading Up 11.7%

The company’s 50-day simple moving average is $8.56.

BTGO (NYSE:BTGO) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The company had revenue of $3.77 billion during the quarter. BTGO’s revenue was up 112.6% on a year-over-year basis. As a group, analysts forecast that BTGO will post -0.28 EPS for the current year.

About BTGO

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.