BTGO (NYSE:BTGO) Stock Short Interest Report for September

BTGO (NYSE:BTGO) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 3,919,197 shares, an increase of 70.2% from the September 15th total of 2,302,906 shares. Currently, 3.3% of the shares of the company are sold short. Based on an average daily volume of 2,648,318 shares, the days-to-cover ratio is presently 1.5 days.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BTGO shares. Canaccord Genuity Group restated a “buy” rating and set a $15.00 price target on shares of BTGO in a research note on Friday, August 21st. Cantor Fitzgerald reduced their price objective on BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Rosenblatt Securities reduced their price objective on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wedbush decreased their price objective on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Finally, Wells Fargo & Company lowered their price objective on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.77.

Insiders Place Their Bets

In other news, CFO Edward Reginelli sold 9,021 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction of $44,112.69. Following the completion of the transaction, the chief financial officer owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction of $189,198.99. Following the transaction, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. This represents a 4.62% 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. Over the last three months, insiders sold 48,134 shares of company stock valued at $235,430.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. bought a new position in shares of BTGO during the 3rd quarter worth approximately $75,000. Aspiriant LLC acquired a new stake in BTGO in the 3rd quarter valued at $135,000. State Street Corp acquired a new stake in BTGO in the 2nd quarter valued at $1,202,000. Tidal Investments LLC bought a new stake in BTGO in the second quarter valued at $10,327,000. Finally, ParaFi Capital LP bought a new stake in BTGO in the second quarter valued at $1,939,000.

BTGO Stock Performance

Shares of BTGO stock traded down $0.63 during mid-day trading on Friday, reaching $5.86. The company’s stock had a trading volume of 1,258,556 shares, compared to its average volume of 1,317,602. BTGO has a 1-year low of $4.65 and a 1-year high of $24.50. The company has a market cap of $688.96 million and a P/E ratio of -4.04. The firm’s 50-day moving average is $6.93 and its two-hundred day moving average is $7.08.

BTGO (NYSE:BTGO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. Sell-side analysts anticipate that BTGO will post -0.27 EPS for the current year.

About BTGO

BitGo Holdings, Inc (NYSE: BTGO) is a digital asset infrastructure company that provides custody, security, trading and financial services for institutional participants in the cryptocurrency market. Its platform is designed to help businesses securely store, manage and transact in digital assets.

The company’s services include institutional cryptocurrency custody, hot and cold wallet solutions, settlement, staking, lending and trading-related services. BitGo also provides technology and operational infrastructure intended to support asset managers, exchanges, financial institutions, corporations and other organizations involved with digital assets.

BitGo was founded in 2013 by Mike Belshe and Ben Davenport and is headquartered in Palo Alto, California.