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

BTGO (NYSE:BTGO)’s stock price fell 8.3% on Tuesday . The company traded as low as $6.76 and last traded at $7.2240. 1,878,890 shares were traded during trading, an increase of 51% from the average session volume of 1,241,117 shares. The stock had previously closed at $7.88.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research report on Thursday, August 13th. Mizuho cut their price objective on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, August 14th. Citigroup decreased their target price on shares of BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $15.00 price target on shares of BTGO in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Trading Down 8.1%

The company has a market capitalization of $851.50 million and a price-to-earnings ratio of -4.97. The business’s 50 day moving average price is $5.89 and its two-hundred day moving average price is $7.58.

BTGO (NYSE:BTGO) last released 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 company had revenue of $4.33 billion for the quarter. Analysts expect that BTGO will post -0.37 EPS for the current year.

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

Insiders Place Their Bets

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the 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 transaction, the chief financial officer directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 BTGO 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 sale, 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. 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 sold a total of 48,294 shares of company stock valued at $236,225 over the last quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in BTGO stock. Tidal Investments LLC acquired a new stake in BTGO (NYSE:BTGO) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,993,619 shares of the company’s stock, valued at approximately $10,327,000. Tidal Investments LLC owned about 1.70% of BTGO at the end of the most recent reporting period.

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.