BTGO (NYSE:BTGO) Posts Earnings Results, Misses Expectations By $0.13 EPS

BTGO (NYSE:BTGO) announced its quarterly earnings results on Wednesday. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.13), FiscalAI reports. The company had revenue of $4.33 billion for the quarter.

BTGO Price Performance

BTGO stock traded up $0.03 during trading hours on Wednesday, reaching $4.99. 1,739,568 shares of the stock were exchanged, compared to its average volume of 1,142,153. The firm’s 50-day moving average is $5.19 and its 200-day moving average is $8.34. The company has a market cap of $578.64 million and a price-to-earnings ratio of -3.87. BTGO has a 12 month low of $4.66 and a 12 month high of $24.50.

Insider Transactions at BTGO

In other news, CEO Michael Belshe sold 38,691 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. This trade represents a 4.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $44,112.69. Following the completion of the sale, the chief financial officer directly owned 582,489 shares in the company, valued at approximately $2,848,371.21. This represents 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. Over the last 90 days, insiders sold 48,464 shares of company stock worth $237,096.

BTGO declared that its Board of Directors has authorized a share buyback program on Wednesday, June 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

BTGO has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating on shares of BTGO in a research report on Monday, June 22nd. Wall Street Zen cut shares of BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research note on Monday, July 13th. One 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.14.

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.