BTGO (NYSE:BTGO) Price Target Cut to $11.00 by Analysts at Wells Fargo & Company

BTGO (NYSE:BTGO) had its price target lowered by research analysts at Wells Fargo & Company from $13.00 to $11.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 102.95% from the company’s current price.

BTGO has been the subject of several other reports. Wall Street Zen cut shares of BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Rosenblatt Securities decreased their price target on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of BTGO in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Finally, Wedbush reduced their target price on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday. 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.86.

BTGO Stock Up 8.6%

NYSE BTGO traded up $0.43 during trading on Thursday, hitting $5.42. The company’s stock had a trading volume of 400,810 shares, compared to its average volume of 1,136,036. The firm has a 50 day moving average price of $5.18 and a 200 day moving average price of $8.31. The firm has a market cap of $628.50 million and a P/E ratio of -4.23. BTGO has a 52 week low of $4.65 and a 52 week high of $24.50.

BTGO (NYSE:BTGO) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.05 billion during the quarter. On average, equities analysts expect that BTGO will post -0.15 earnings per share for the current year.

BTGO announced that its board has initiated a share repurchase plan on Wednesday, June 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Edward Reginelli sold 9,021 shares of the company’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 $44,112.69. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 the firm’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 completion of the transaction, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at approximately $3,904,488.96. This trade represents a 4.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 48,464 shares of company stock valued at $237,096 over the last 90 days.

Trending Headlines about BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo reported roughly $4.1 billion to $4.3 billion in second-quarter revenue, an increase of nearly 80% year over year. Client growth of 26% and gross profit of $42.5 million point to continued expansion in its digital-asset infrastructure business. BitGo Holdings Stock Climbs on Revenue Surge and Buyback Plan
• Positive Sentiment: The company authorized a $50 million share-repurchase program. Buybacks can support per-share value and signal management confidence, although the benefit depends on execution and available cash. BitGo Holdings Stock Climbs on Revenue Surge and Buyback Plan
• Neutral Sentiment: Despite the forecast reductions, Wedbush maintained an “outperform” rating at an $8 target, while Rosenblatt kept a “buy” rating at $10. Both targets still imply substantial upside from recent trading levels. BitGo Analysts Slash Their Forecasts After Q2 Results
• Neutral Sentiment: Several institutional investors reportedly added BTGO shares in recent quarters, suggesting some professional-investor support; however, these holdings data are lagged and may not reflect current positioning.
• Negative Sentiment: BitGo posted a diluted loss of $0.16 per share, substantially worse than the roughly $0.03 consensus estimate. The company also recorded a $19 million net loss, negative operating cash flow of $18.1 million, and an $18.8 million unrealized digital-asset loss. BitGo Posts Q2 Loss Despite Revenue Surge
• Negative Sentiment: Wedbush cut its price target from $15 to $8, and Rosenblatt reduced its target from $15 to $10. The cuts indicate analysts believe the earnings miss, weaker trading margins, and volatility in digital-asset results warrant more conservative valuations. BitGo Analysts Slash Their Forecasts After Q2 Results

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.