Wedbush Cuts BTGO (NYSE:BTGO) Price Target to $8.00

BTGO (NYSE:BTGO) had its price target dropped by investment analysts at Wedbush from $15.00 to $8.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 60.32% from the company’s previous close.

Several other equities research analysts have also recently issued reports on BTGO. Rosenblatt Securities cut their price target on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of BTGO in a report on Monday, June 22nd. Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Finally, Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. One 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. Based on data from MarketBeat.com, BTGO has a consensus rating of “Moderate Buy” and an average price target of $14.05.

BTGO Stock Performance

Shares of BTGO stock opened at $4.99 on Thursday. The firm has a 50-day moving average of $5.18 and a 200-day moving average of $8.31. BTGO has a 52-week low of $4.66 and a 52-week high of $24.50. The stock has a market cap of $578.64 million and a PE 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The business had revenue of $4.05 billion for the quarter. Equities research analysts predict that BTGO will post -0.15 earnings per share for the current fiscal year.

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

Insider Activity at BTGO

In other BTGO news, CEO Michael Belshe sold 38,691 shares of the business’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 $189,198.99. Following the completion of the transaction, the chief executive officer directly owned 798,464 shares in the company, valued at $3,904,488.96. The trade was a 4.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm’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 $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 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. Over the last 90 days, insiders have sold 48,464 shares of company stock valued at $237,096.

About BTGO

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.