BTGO (NYSE:BTGO) Price Target Cut to $12.00 by Analysts at Canaccord Genuity Group

BTGO (NYSE:BTGO) had its price target dropped by research analysts at Canaccord Genuity Group from $15.00 to $12.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s price target points to a potential upside of 134.97% from the company’s current price.

Other analysts have also issued research reports about the company. Cantor Fitzgerald decreased their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Mizuho set a $9.00 target price on BTGO in a research note on Tuesday. Rosenblatt Securities reduced their target price on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wells Fargo & Company decreased 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. Finally, Citigroup decreased their price target on shares of BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.23.

BTGO Trading Up 5.1%

Shares of BTGO stock opened at $5.11 on Tuesday. BTGO has a 1 year low of $4.36 and a 1 year high of $24.50. The firm’s fifty day simple moving average is $6.69 and its 200 day simple moving average is $7.81. The firm has a market capitalization of $600.33 million and a P/E ratio of -3.52.

BTGO (NYSE:BTGO) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.40. The firm had revenue of $2.85 billion for the quarter. Equities research analysts anticipate that BTGO will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Stone Ridge Holdings Group LP bought a new stake in shares of BTGO in the third quarter worth about $43,908,000. Penn Capital Management Company LLC bought a new position in shares of BTGO during the 3rd quarter valued at about $976,000. Vise Technologies Inc. bought a new position in shares of BTGO during the 3rd quarter valued at about $83,000. Vontobel Holding Ltd. acquired a new position in shares of BTGO in the 3rd quarter valued at approximately $75,000. Finally, Aspiriant LLC acquired a new position in shares of BTGO in the 3rd quarter valued at approximately $135,000.

More BTGO News

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: Q3 adjusted results included EPS of $0.36, well above the analyst consensus of a $0.04 loss. Net income attributable to common shareholders was $44.1 million, indicating improved bottom-line performance. Earnings results
• Positive Sentiment: Management is pursuing growth through goStocks, aiming to connect investors with capital markets, and is integrating NYDIG’s institutional trading business, acquired in August. Successful execution could broaden BitGo’s offerings and reach. goStocks and NYDIG strategy
• Neutral Sentiment: Q3 revenue was about $2.85 billion, but coverage highlighted a year-over-year decline and a revenue miss. Revenue alone may be difficult to interpret alongside the company’s transaction and institutional trading activity. Q3 investor takeaways
• Negative Sentiment: Despite the net profit, BitGo reported a $19.2 million operating loss and used $18.5 million in operating cash during the quarter, leaving questions about recurring operating profitability and cash generation. Q3 financial details
• Negative Sentiment: Reported insider activity showed nine open-market sales and no purchases over the past six months. While not necessarily a near-term signal, the pattern could weigh on confidence. Insider activity and earnings

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.