BTGO (NYSE:BTGO) Stock Falls 11.1% – Time to Sell?

BTGO (NYSE:BTGO)’s share price dropped 11.1% during mid-day trading on Wednesday. The stock traded as low as $6.22 and last traded at $6.2250. 670,316 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 1,316,181 shares. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

BTGO has been the topic of a number of research analyst reports. Cantor Fitzgerald dropped their price target on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. 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. Citigroup lowered their target price on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Wedbush dropped their target price on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Finally, Mizuho cut their price target on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Price Performance

The stock has a 50-day moving average of $6.92 and a 200-day moving average of $7.09.

BTGO (NYSE:BTGO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. Equities analysts expect that BTGO will post -0.27 earnings per share for the current year.

Insider Activity at BTGO

In related news, CEO Michael Belshe sold 38,691 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the sale, the chief executive officer 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 legal filing 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 firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $44,112.69. Following the sale, the chief financial officer directly owned 582,489 shares of the company’s stock, valued at $2,848,371.21. This represents a 1.53% decrease in their position. 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 valued at $235,430 over the last quarter.

Hedge Funds Weigh In On BTGO

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC acquired a new stake in shares of BTGO during the 2nd quarter worth about $10,327,000. ParaFi Capital LP bought a new stake in shares of BTGO during the 2nd quarter worth about $1,939,000. Finally, State Street Corp acquired a new position in BTGO in the 2nd quarter valued at about $1,202,000.

BTGO Company Profile

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.