BTGO (NYSE:BTGO) Shares Down 9.3% – Here’s What Happened

BTGO (NYSE:BTGO)’s stock price dropped 9.3% on Tuesday . The company traded as low as $5.40 and last traded at $5.43. Approximately 964,800 shares changed hands during trading, a decline of 18% from the average session volume of 1,177,867 shares. The stock had previously closed at $5.99.

Wall Street Analyst Weigh In

BTGO has been the subject of several research reports. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price objective on shares of BTGO in a research note on Friday, March 27th. The Goldman Sachs Group cut their target price on BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, March 27th. Citigroup reduced their target price on BTGO from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Wall Street Zen downgraded BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings started coverage on BTGO in a research note on Wednesday, April 15th. They set a “sell (d)” rating for the company. One 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 company. According to MarketBeat, BTGO has an average rating of “Moderate Buy” and a consensus target price of $15.14.

BTGO Trading Down 6.4%

The company’s 50 day simple moving average is $8.22.

BTGO (NYSE:BTGO) last announced its quarterly earnings results 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 company had revenue of $3.77 billion for the quarter. The company’s revenue was up 112.6% compared to the same quarter last year. Analysts anticipate that BTGO will post -0.28 earnings per share for the current year.

BTGO declared that its Board of Directors has approved a share buyback program on Wednesday, June 17th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.