BTGO (NYSE:BTGO) Stock Price Down 8.3% – What’s Next?

BTGO (NYSE:BTGO) traded down 8.3% during mid-day trading on Tuesday . The stock traded as low as $6.76 and last traded at $7.2240. Approximately 1,878,890 shares changed hands during mid-day trading, an increase of 51% from the average daily volume of 1,241,117 shares. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BTGO. Rosenblatt Securities cut 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. Wells Fargo & Company decreased their price objective on BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Cantor Fitzgerald cut their target price on BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 price target on shares of BTGO in a research report on Friday, August 21st. One equities research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, BTGO presently has an average rating of “Moderate Buy” and a consensus target price of $12.77.

BTGO Trading Down 8.1%

The firm’s 50-day moving average price is $5.89 and its 200 day moving average price is $7.58. The company has a market cap of $851.50 million and a price-to-earnings ratio of -4.97.

BTGO (NYSE:BTGO) last released its 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 company had revenue of $4.33 billion for the quarter. Analysts forecast that BTGO will post -0.37 earnings per share for the current fiscal year.

BTGO announced that its board has authorized a stock repurchase plan on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CFO Edward Reginelli sold 9,021 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer directly owned 582,489 shares in the company, valued at $2,848,371.21. This trade represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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 dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $189,198.99. Following the completion of the sale, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. The trade was a 4.62% decrease in their ownership of the stock. 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 48,294 shares of company stock worth $236,225 in the last quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in BTGO stock. Tidal Investments LLC purchased a new position in BTGO (NYSE:BTGO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,993,619 shares of the company’s stock, valued at approximately $10,327,000. Tidal Investments LLC owned approximately 1.70% of BTGO as of its most recent filing with the Securities and Exchange Commission (SEC).

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) provides digital-asset financial services and infrastructure for institutional clients. The company helps businesses securely custody, manage and transact in cryptocurrencies and other blockchain-based assets.

Its offerings include institutional custody, digital-asset wallets, trading and settlement services, staking, lending and prime services. BitGo also provides technology and operational tools designed to support exchanges, financial institutions, investment managers, token issuers and other organizations participating in the digital-asset ecosystem.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport.