BTGO (NYSE:BTGO) Stock Price Target Cut by Rosenblatt Securities

BTGO (NYSE:BTGO) had its price objective reduced by Rosenblatt Securities from $10.00 to $9.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities‘s price target suggests a potential upside of 76.23% from the company’s previous close.

Other analysts have also issued research reports about the company. Wells Fargo & Company cut their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Citigroup decreased their target price on shares of BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Mizuho set a $9.00 price objective on BTGO in a research report on Tuesday. Canaccord Genuity Group lowered their target price on shares of BTGO from $15.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of BTGO in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.23.

BTGO Trading Up 5.1%

Shares of BTGO stock opened at $5.11 on Tuesday. The stock has a market capitalization of $600.33 million and a P/E ratio of -3.52. BTGO has a 12-month low of $4.36 and a 12-month high of $24.50. The firm’s 50 day moving average is $6.69 and its 200 day moving average is $7.81.

BTGO (NYSE:BTGO) last issued its quarterly earnings data on Monday, November 9th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.40. The firm had revenue of $2.85 billion during the quarter. As a group, equities analysts predict that BTGO will post -0.27 earnings per share for the current year.

Institutional Trading of BTGO

Hedge funds and other institutional investors have recently bought and sold shares of the business. Stone Ridge Holdings Group LP bought a new stake in BTGO during the 3rd quarter valued at about $43,908,000. Tidal Investments LLC bought a new stake in BTGO during the 2nd quarter valued at $10,327,000. ParaFi Capital LP bought a new stake in BTGO during the 2nd quarter valued at $1,939,000. State Street Corp purchased a new stake in shares of BTGO in the 2nd quarter worth $1,202,000. Finally, Penn Capital Management Company LLC purchased a new stake in BTGO in the third quarter worth about $976,000.

Key BTGO News

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: Q3 adjusted results included EPS of $0.36, well above the analyst consensus of a $0.04 loss. Net income attributable to common shareholders was $44.1 million, indicating improved bottom-line performance. Earnings results
• Positive Sentiment: Management is pursuing growth through goStocks, aiming to connect investors with capital markets, and is integrating NYDIG’s institutional trading business, acquired in August. Successful execution could broaden BitGo’s offerings and reach. goStocks and NYDIG strategy
• Neutral Sentiment: Q3 revenue was about $2.85 billion, but coverage highlighted a year-over-year decline and a revenue miss. Revenue alone may be difficult to interpret alongside the company’s transaction and institutional trading activity. Q3 investor takeaways
• Negative Sentiment: Despite the net profit, BitGo reported a $19.2 million operating loss and used $18.5 million in operating cash during the quarter, leaving questions about recurring operating profitability and cash generation. Q3 financial details
• Negative Sentiment: Reported insider activity showed nine open-market sales and no purchases over the past six months. While not necessarily a near-term signal, the pattern could weigh on confidence. Insider activity and earnings

BTGO Company Profile

BitGo Holdings, Inc (NYSE: BTGO) is a financial technology company focused on digital asset infrastructure and services. The company provides institutional-grade solutions designed to help businesses securely custody, manage, trade and settle cryptocurrencies and other blockchain-based assets.

Its offerings include qualified digital asset custody, multi-signature wallets, portfolio and treasury management, trading and liquidity services, staking, lending and settlement solutions. BitGo also provides technology and infrastructure that supports cryptocurrency exchanges, financial institutions, investment firms, token issuers and other organizations participating in the digital asset ecosystem.

Founded in 2013, BitGo serves institutional clients in the United States and international markets.