BTGO (NYSE:BTGO) Shares Gap Up – Here’s What Happened

BTGO (NYSE:BTGO)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $6.25, but opened at $6.61. BTGO shares last traded at $6.4250, with a volume of 412,745 shares.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen cut shares of BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Mizuho reduced their target price on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, August 14th. Citigroup cut their price target on BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Wedbush decreased their price objective on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Finally, Wells Fargo & Company lowered their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Stock Up 2.7%

The company has a market cap of $744.46 million and a price-to-earnings ratio of -4.43. The company’s 50-day moving average is $5.23 and its 200 day moving average is $8.05.

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 firm had revenue of $4.05 billion during the quarter. Analysts predict that BTGO will post -0.39 EPS for the current fiscal year.

BTGO announced that its board has initiated a share repurchase plan on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $4.89, for a total transaction of $44,112.69. Following the transaction, the chief financial officer directly owned 582,489 shares of the company’s stock, valued at $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 SEC, which is accessible through this hyperlink. 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 transaction of $189,198.99. Following the completion of the sale, the chief executive officer owned 798,464 shares in the company, valued at approximately $3,904,488.96. This trade 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. In the last three months, insiders sold 48,464 shares of company stock valued at $237,096.

About BTGO

BitGo Holdings Inc is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins and settlement services from regulated cold storage. BitGo Holdings Inc is based in NEW YORK.