BTGO (NYSE:BTGO) Shares Shorted: Short Interest Up 70.2% in September

BTGO (NYSE:BTGO) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totaling 3,919,197 shares, an increase of 70.2% from the September 15th total of 2,302,906 shares. Approximately 3.3% of the shares of the company are short sold. Based on an average trading volume of 2,648,318 shares, the short-interest ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

BTGO has been the subject of several analyst reports. Citigroup cut 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 reduced their target price on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Mizuho decreased their price target on BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Cantor Fitzgerald decreased 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. Finally, Rosenblatt Securities lowered their price target on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. One investment 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.77.

BTGO Trading Down 9.7%

Shares of BTGO traded down $0.63 during mid-day trading on Friday, reaching $5.86. 1,258,556 shares of the stock traded hands, compared to its average volume of 1,697,319. The firm has a fifty day moving average price of $6.93 and a 200 day moving average price of $7.08. The company has a market cap of $688.96 million and a price-to-earnings ratio of -4.04. BTGO has a 1 year low of $4.65 and a 1 year high of $24.50.

BTGO (NYSE:BTGO) last released 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. On average, sell-side analysts anticipate that BTGO will post -0.27 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Edward Reginelli sold 9,021 shares of BTGO stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $44,112.69. Following the completion of the transaction, the chief financial officer directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Belshe sold 38,691 shares of the business’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 $189,198.99. Following the sale, the chief executive officer owned 798,464 shares in the company, valued at approximately $3,904,488.96. The trade was a 4.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 48,134 shares of company stock valued at $235,430 over the last ninety days.

Hedge Funds Weigh In On BTGO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTGO. Tidal Investments LLC purchased a new stake in shares of BTGO in the 2nd quarter valued at about $10,327,000. ParaFi Capital LP bought a new stake in shares of BTGO during the 2nd quarter valued at about $1,939,000. State Street Corp bought a new stake in shares of BTGO during the 2nd quarter valued at about $1,202,000. Aspiriant LLC purchased a new position in shares of BTGO during the third quarter worth about $135,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of BTGO during the third quarter worth about $75,000.

About BTGO

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.