Rosenblatt Securities Issues Pessimistic Forecast for BTGO (NYSE:BTGO) Stock Price

BTGO (NYSE:BTGO) had its price target cut by equities researchers at Rosenblatt Securities from $15.00 to $10.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ price target suggests a potential upside of 100.40% from the stock’s current price.

Several other research firms have also recently commented on BTGO. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of BTGO in a research note on Monday, June 22nd. Finally, Wall Street Zen downgraded shares of BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. One investment 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. According to MarketBeat, BTGO has a consensus rating of “Moderate Buy” and an average target price of $14.68.

BTGO Trading Up 0.6%

Shares of BTGO opened at $4.99 on Thursday. BTGO has a 1-year low of $4.66 and a 1-year high of $24.50. The business’s 50-day moving average price is $5.18 and its 200 day moving average price is $8.31. The stock has a market capitalization of $578.64 million and a P/E ratio of -3.87.

BTGO (NYSE:BTGO) last posted its quarterly earnings data 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 business had revenue of $4.05 billion for the quarter. On average, research analysts predict that BTGO will post -0.15 earnings per share for the current year.

BTGO declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is 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 stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the transaction, the chief executive officer owned 798,464 shares in the company, valued at approximately $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 stock in a transaction that occurred 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 owned 582,489 shares in the company, valued at $2,848,371.21. This represents a 1.53% decrease in their position. 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 have sold a total of 48,464 shares of company stock valued at $237,096 over the last ninety days.

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.