BTGO (NYSE:BTGO) Reaches New 1-Year Low Following Weak Earnings

BTGO (NYSE:BTGO)’s share price hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $4.65 and last traded at $5.3930, with a volume of 327256 shares. The stock had previously closed at $4.99.

The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The company had revenue of $4.05 billion for the quarter.

BTGO announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

More BTGO News

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

Analyst Ratings Changes

Several analysts recently weighed in on BTGO shares. Wedbush cut their price target on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a research note on Monday, July 13th. Wall Street Zen lowered BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Wells Fargo & Company decreased their price objective on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of BTGO in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.86.

Insider Buying and Selling at BTGO

In other news, CFO Edward Reginelli sold 9,021 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $4.89, for a total value of $44,112.69. Following the sale, the chief financial officer owned 582,489 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. 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 that occurred 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 directly owned 798,464 shares of the company’s stock, valued at $3,904,488.96. This represents a 4.62% decrease in their ownership of the stock. 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 worth $237,096 in the last 90 days.

BTGO Stock Performance

The stock has a market cap of $621.66 million and a PE ratio of -4.16. The firm has a fifty day moving average price of $5.18 and a 200 day moving average price of $8.31.

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.