BTGO (NYSE:BTGO) Trading Up 6.3% – Still a Buy?

BTGO (NYSE:BTGO) shot up 6.3% during mid-day trading on Thursday . The stock traded as high as $7.53 and last traded at $7.5150. 354,556 shares traded hands during trading, a decline of 71% from the average session volume of 1,216,130 shares. The stock had previously closed at $7.07.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BTGO. Wedbush lowered their target price on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday, August 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. 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. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of BTGO in a research note on Friday, August 21st. Finally, Mizuho reduced their price target on BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, August 14th. One equities research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.77.

BTGO Price Performance

The stock has a market capitalization of $896.20 million and a price-to-earnings ratio of -5.30. The business has a fifty day moving average of $5.50 and a 200 day moving average of $7.73.

BTGO (NYSE:BTGO) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.33 billion during the quarter. On average, equities research analysts expect that BTGO will post -0.37 EPS for the current 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 repurchase 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

In related news, CEO Michael Belshe sold 38,691 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the sale, the chief executive officer owned 798,464 shares in the company, valued at approximately $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 can be accessed through 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 stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $44,112.69. Following the transaction, the chief financial officer directly owned 582,489 shares in the company, valued at approximately $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. Insiders have sold a total of 48,464 shares of company stock valued at $237,096 in the last ninety days.

Institutional Investors Weigh In On BTGO

An institutional investor recently bought a new position in BTGO stock. ParaFi Capital LP purchased a new stake in BTGO (NYSE:BTGO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO accounts for approximately 0.6% of ParaFi Capital LP’s holdings, making the stock its 13th largest holding. ParaFi Capital LP owned approximately 0.32% of BTGO as of its most recent SEC filing.

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.