BTGO (NYSE:BTGO) Shares Gap Down After Analyst Downgrade

BTGO (NYSE:BTGO)’s share price gapped down prior to trading on Tuesday after Rosenblatt Securities lowered their price target on the stock from $10.00 to $9.00. The stock had previously closed at $5.10, but opened at $4.66. Rosenblatt Securities currently has a buy rating on the stock. BTGO shares last traded at $4.7050, with a volume of 139,407 shares changing hands.

Several other research analysts also recently issued reports on BTGO. Wells Fargo & Company cut their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Mizuho set a $9.00 price objective on shares of BTGO in a research note on Tuesday. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a report on Friday, October 9th. Wedbush cut their target price on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald reduced their price target on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, BTGO presently has a consensus rating of “Moderate Buy” and an average price target of $12.23.

Key BTGO News

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo reported Q3 diluted EPS of $0.36, beating the consensus estimate of a $0.04 loss. BitGo earnings results
• Neutral Sentiment: Canaccord Genuity cut its price target from $15 to $12, while Rosenblatt lowered its target from $10 to $9; both firms maintained Buy ratings. The lower targets are a caution, though both remain above the recently cited $4.77 share price. Canaccord Genuity ratings Rosenblatt Securities ratings
• Neutral Sentiment: BitGo is promoting its goStocks initiative and integrating NYDIG’s institutional trading business, which could support longer-term growth, but the provided coverage offers limited detail on near-term financial impact. BitGo goStocks and NYDIG integration
• Negative Sentiment: Q3 revenue was about $2.85 billion, but reports highlighted a roughly 51% year-over-year drop and characterized revenue as a miss. The steep decline tempers the EPS beat and raises questions about growth. BitGo Q3 profit and revenue report
• Negative Sentiment: A third-party report noted that disclosed insider trades over the past six months were sales, with no purchases—a potential confidence concern for investors. BitGo Q3 earnings and insider activity

Hedge Funds Weigh In On BTGO

A number of institutional investors have recently made changes to their positions in BTGO. Stone Ridge Holdings Group LP acquired a new position in shares of BTGO in the third quarter worth $43,908,000. Tidal Investments LLC acquired a new stake in shares of BTGO during the second quarter valued at $10,327,000. ParaFi Capital LP acquired a new stake in shares of BTGO during the second quarter valued at $1,939,000. State Street Corp acquired a new stake in shares of BTGO during the second quarter valued at $1,202,000. Finally, Penn Capital Management Company LLC purchased a new stake in BTGO during the 3rd quarter worth about $976,000.

BTGO Stock Performance

The business has a 50-day moving average of $6.69 and a 200 day moving average of $7.81. The stock has a market cap of $530.74 million and a PE ratio of -3.18.

BTGO (NYSE:BTGO) last released its earnings results on Monday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.40. The firm had revenue of $2.85 billion during the quarter. Equities analysts expect that BTGO will post -0.27 EPS for the current fiscal year.

About BTGO

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.