BTGO (NYSE:BTGO) Trading Up 6.8% – What’s Next?

BTGO (NYSE:BTGO) was up 6.8% during trading on Friday . The company traded as high as $7.15 and last traded at $7.22. Approximately 620,179 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,267,270 shares. The stock had previously closed at $6.76.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BTGO shares. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of BTGO in a research note on Friday, August 21st. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Cantor Fitzgerald lowered their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Mizuho dropped their price objective on BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. Finally, Rosenblatt Securities dropped their target price on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Price Performance

The stock’s 50 day simple moving average is $5.99 and its two-hundred day simple moving average is $7.50. The stock has a market capitalization of $858.56 million and a PE ratio of -5.03.

BTGO (NYSE:BTGO) last issued its quarterly 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 firm had revenue of $4.33 billion during the quarter. As a group, equities research analysts predict that BTGO will post -0.37 earnings per share for the current fiscal year.

BTGO declared that its board has approved a share repurchase plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at BTGO

In other news, CEO Michael Belshe sold 38,691 shares of the company’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the completion of the transaction, the chief executive officer directly owned 798,464 shares in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 shares were sold at an average price of $4.89, for a total transaction of $44,112.69. Following the transaction, 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. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 48,294 shares of company stock valued at $236,225 in the last three months.

Hedge Funds Weigh In On BTGO

An institutional investor recently bought a new position in BTGO stock. Tidal Investments LLC bought a new stake in shares of BTGO (NYSE:BTGO) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,993,619 shares of the company’s stock, valued at approximately $10,327,000. Tidal Investments LLC owned approximately 1.70% of BTGO as of its most recent SEC filing.

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) provides digital-asset financial services and infrastructure for institutional clients. The company helps businesses securely custody, manage and transact in cryptocurrencies and other blockchain-based assets.

Its offerings include institutional custody, digital-asset wallets, trading and settlement services, staking, lending and prime services. BitGo also provides technology and operational tools designed to support exchanges, financial institutions, investment managers, token issuers and other organizations participating in the digital-asset ecosystem.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport.