BTGO (NYSE:BTGO) Shares Climb 6.5% – Here’s What Happened

BTGO (NYSE:BTGO)’s share price was up 6.5% during mid-day trading on Wednesday. The company traded as high as $6.17 and last traded at $6.1150. 232,705 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 1,307,596 shares. The stock had previously closed at $5.74.

Analyst Ratings Changes

A number of research firms recently weighed in on BTGO. Cantor Fitzgerald lowered their price objective on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Wells Fargo & Company cut their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Mizuho cut their target price on BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Price Performance

The firm has a 50-day simple moving average of $6.98 and a two-hundred day simple moving average of $7.00.

BTGO (NYSE:BTGO) last issued 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 business had revenue of $4.33 billion for the quarter. Equities research analysts anticipate that BTGO will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Tidal Investments LLC purchased a new stake in shares of BTGO during the second quarter worth $10,327,000. ParaFi Capital LP acquired a new stake in BTGO during the 2nd quarter worth $1,939,000. State Street Corp purchased a new position in BTGO during the 2nd quarter worth approximately $1,202,000. Aspiriant LLC purchased a new position in shares of BTGO during the third quarter worth approximately $135,000. Finally, Vontobel Holding Ltd. purchased a new position in BTGO during the 3rd quarter worth $75,000.

About BTGO

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.