BitGo (NYSE:BTGO) Stock Gets Price Target Trim from Wells Fargo & Company

BitGo (NYSE:BTGO) had its price target trimmed by Wells Fargo & Company from $11.00 to $9.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also commented on the stock. Citigroup cut their price target on shares of BitGo from $17.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Mizuho decreased their price objective on shares of BitGo from $11.00 to $9.00 and set an “outperform” rating for the company in a research note on Tuesday. Wedbush decreased their price objective on shares of BitGo from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Weiss Ratings reissued a “sell (d)” rating on shares of BitGo in a research report on Friday, October 9th. Finally, Cantor Fitzgerald dropped their price objective on shares of BitGo from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.05.

BitGo Price Performance

BitGo stock opened at $4.12 on Tuesday. The stock’s 50-day moving average is $6.52 and its 200-day moving average is $7.70. The company has a market cap of $483.72 million and a price-to-earnings ratio of -2.84. BitGo has a 12 month low of $3.95 and a 12 month high of $24.50.

BitGo (NYSE:BTGO) last released its quarterly earnings data on Monday, November 9th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.40. BitGo had a negative return on equity of 568.47% and a negative net margin of 0.50%. The business had revenue of $2.85 billion for the quarter. Research analysts anticipate that BitGo will post -0.27 EPS for the current year.

Institutional Investors Weigh In On BitGo

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its position in shares of BitGo by 454.3% in the third quarter. State Street Corp now owns 1,286,198 shares of the company’s stock worth $9,518,000 after buying an additional 1,054,178 shares during the period. Stone Ridge Holdings Group LP purchased a new stake in shares of BitGo during the 3rd quarter valued at about $43,908,000. Penn Capital Management Company LLC purchased a new stake in shares of BitGo during the 3rd quarter valued at about $976,000. Vise Technologies Inc. purchased a new stake in shares of BitGo during the 3rd quarter valued at about $83,000. Finally, Vontobel Holding Ltd. purchased a new stake in shares of BitGo during the 3rd quarter valued at about $75,000.

Key BitGo News

Investors following BTGO have been watching these news items:

• Positive Sentiment: BitGo Link now connects 10 exchange brands for institutional treasury teams, expanding connectivity for clients managing digital-asset operations. BitGo Link Connects 10 Exchange Brands for Institutional Treasury Teams
• Neutral Sentiment: BitGo and TOPPAN conducted a proof of concept for decentralized digital-asset key management. The security-focused test could support future services, but no commercial rollout or revenue impact was reported. TOPPAN and BitGo Conduct Proof-of-Concept for Decentralized Key Management
• Negative Sentiment: Wells Fargo issued a pessimistic outlook, while Canaccord Genuity and Rosenblatt lowered their expectations for BTGO. The analyst actions add pressure amid the stock’s recent weakness. Wells Fargo & Company Issues Pessimistic Forecast for BTGO

BitGo Company Profile

BitGo Holdings, Inc. (NYSE: BTGO) provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.