Canaccord Genuity Group Reiterates Buy Rating for BTGO (NYSE:BTGO)

BTGO (NYSE:BTGO)‘s stock had its “buy” rating restated by equities researchers at Canaccord Genuity Group in a research note issued to investors on Friday,Benzinga reports. They currently have a $15.00 price objective on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 115.83% from the company’s previous close.

A number of other equities research analysts also recently issued reports on BTGO. Weiss Ratings reissued a “sell (d)” rating on shares of BTGO in a research report on Monday, July 13th. Wells Fargo & Company cut their price objective on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Wedbush reduced their price objective on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Rosenblatt Securities dropped their target price on shares of BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. One investment 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Trading Up 5.3%

Shares of BTGO traded up $0.35 during mid-day trading on Friday, reaching $6.95. The company had a trading volume of 1,452,512 shares, compared to its average volume of 1,196,241. The stock has a market cap of $805.92 million and a price-to-earnings ratio of -4.79. The firm has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $8.00. BTGO has a fifty-two week low of $4.65 and a fifty-two week high of $24.50.

BTGO (NYSE:BTGO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.05 billion for the quarter. As a group, equities analysts predict that BTGO will post -0.39 EPS for the current fiscal year.

BTGO declared that its board has authorized a stock buyback plan on Wednesday, June 17th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the firm’s 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 of the company’s stock, valued at $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction 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 dated Friday, July 24th. The shares were 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 in the company, valued at $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. Over the last ninety days, insiders have sold 48,464 shares of company stock valued at $237,096.

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.