BTGO (NYSE:BTGO) Trading Up 11.3% – What’s Next?

BTGO (NYSE:BTGO) shares rose 11.3% during trading on Wednesday . The stock traded as high as $6.01 and last traded at $5.9990. Approximately 482,724 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 1,164,641 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald cut their price objective on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup lowered their target price on shares of BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Wedbush dropped their price target on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Finally, Wells Fargo & Company cut their price target on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Stock Up 5.4%

The stock has a fifty day moving average of $5.25 and a two-hundred day moving average of $8.00. The stock has a market cap of $764.18 million and a price-to-earnings ratio of -4.54.

BTGO (NYSE:BTGO) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The business had revenue of $4.05 billion during the quarter. Equities research analysts anticipate that BTGO will post -0.39 EPS for the current fiscal year.

BTGO announced that its Board of Directors has initiated a share buyback program on Wednesday, June 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at BTGO

In related news, CEO Michael Belshe sold 38,691 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 $189,198.99. Following the completion of the sale, the chief executive officer owned 798,464 shares of the company’s stock, 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 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 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 completion of 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 position. 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 a total of 48,464 shares of company stock valued at $237,096 in the last quarter.

BTGO Company Profile

BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.