BitGo (NYSE:BTGO) Stock Gets Price Target Cut from Rosenblatt Securities

BitGo (NYSE:BTGO) had its target price trimmed by Rosenblatt Securities from $10.00 to $9.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Citigroup decreased their price objective on shares of BitGo from $17.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 14th. Weiss Ratings reissued a “sell (d)” rating on shares of BitGo in a research report on Friday, October 9th. Mizuho reduced their target price on shares of BitGo from $11.00 to $9.00 and set an “outperform” rating for the company in a research report on Tuesday. Cantor Fitzgerald decreased their price target on shares of BitGo from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Finally, Wells Fargo & Company lowered their price target on shares of BitGo from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. One 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, BitGo currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.05.

BitGo Price Performance

Shares of BitGo stock opened at $4.12 on Tuesday. BitGo has a 1 year low of $3.95 and a 1 year high of $24.50. The firm has a market cap of $483.72 million and a PE ratio of -2.84. The stock has a fifty day moving average price of $6.52 and a 200-day moving average price of $7.70.

BitGo (NYSE:BTGO) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.40. The company had revenue of $2.85 billion for the quarter. BitGo had a negative net margin of 0.50% and a negative return on equity of 568.47%. As a group, equities analysts anticipate that BitGo will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On BitGo

Several large investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. purchased a new stake in BitGo in the 3rd quarter worth about $75,000. Vise Technologies Inc. purchased a new stake in BitGo during the third quarter valued at about $83,000. Aspiriant LLC purchased a new stake in BitGo during the third quarter valued at about $135,000. Penn Capital Management Company LLC purchased a new stake in BitGo during the third quarter valued at about $976,000. Finally, State Street Corp bought a new position in BitGo during the second quarter worth about $1,202,000.

Key Stories Impacting BitGo

Investors following BTGO have been watching these stories:

• Positive Sentiment: BitGo Link now connects 10 exchange brands for institutional treasury teams, expanding connectivity for clients managing digital-asset operations. BitGo Link Connects 10 Exchange Brands for Institutional Treasury Teams
• Positive Sentiment: BitGo added APT staking, deepening its relationship with the Aptos ecosystem and broadening its staking services. BitGo adds APT stake to its growing Aptos relationship
• Negative Sentiment: Wells Fargo issued a pessimistic outlook, while Canaccord Genuity and Rosenblatt lowered their expectations for BTGO. The analyst actions add pressure amid the stock’s recent weakness. Wells Fargo & Company Issues Pessimistic Forecast for BTGO

BitGo Company Profile

BitGo Holdings, Inc. (NYSE: BTGO) provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.