BTGO (NYSE:BTGO) Shares Down 9.4% – Here’s Why

BTGO (NYSE:BTGO) dropped 9.4% during trading on Monday . The stock traded as low as $8.05 and last traded at $8.05. Approximately 1,191,863 shares traded hands during mid-day trading, an increase of 40% from the average daily volume of 853,842 shares. The stock had previously closed at $8.89.

Wall Street Analysts Forecast Growth

BTGO has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of BTGO in a research note on Tuesday, February 17th. They issued a “buy” rating and a $17.00 price objective for the company. Cantor Fitzgerald lowered their price objective on shares of BTGO from $17.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 price objective on shares of BTGO in a research note on Friday, March 27th. Keefe, Bruyette & Woods raised shares of BTGO to a “hold” rating in a research note on Tuesday, February 17th. Finally, Mizuho decreased their price target on shares of BTGO from $17.00 to $14.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.14.

BTGO Trading Down 0.9%

The business has a fifty day moving average of $10.06.

BTGO (NYSE:BTGO) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The business had revenue of $3.77 billion for the quarter. The company’s revenue for the quarter was up 112.6% compared to the same quarter last year. On average, research analysts anticipate that BTGO will post -0.24 earnings per share for the current fiscal year.

BTGO Company Profile

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.