BTGO (NYSE:BTGO) Shares Climb 6.5% – Still a Buy?

BTGO (NYSE:BTGO) shot up 6.5% on Wednesday. The stock traded as high as $6.17 and last traded at $6.1150. Approximately 232,705 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,307,596 shares. The stock had previously closed at $5.74.

Analyst Upgrades and Downgrades

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

BTGO Trading Up 7.2%

The company has a market cap of $723.05 million and a P/E ratio of -4.25. The stock’s 50 day moving average is $6.96 and its 200-day moving average is $7.04.

BTGO (NYSE:BTGO) last posted its earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The business had revenue of $4.33 billion for the quarter. As a group, sell-side analysts forecast that BTGO will post -0.27 EPS for the current year.

Insider Transactions at BTGO

In other BTGO news, CEO Michael Belshe sold 38,691 shares of the business’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 $189,198.99. Following the completion of the sale, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. The trade was a 4.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 value of $44,112.69. Following the completion of the sale, the chief financial officer owned 582,489 shares of the company’s stock, valued at $2,848,371.21. The trade was a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 48,134 shares of company stock worth $235,430.

Institutional Trading of BTGO

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

BTGO Company Profile

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.