BTGO (NYSE:BTGO) Stock Price Up 6.3% – Still a Buy?

BTGO (NYSE:BTGO) traded up 6.3% during trading on Thursday . The company traded as high as $7.53 and last traded at $7.5150. Approximately 354,556 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,216,130 shares. The stock had previously closed at $7.07.

Analysts Set New Price Targets

BTGO has been the subject of a number of recent analyst reports. Wells Fargo & Company dropped their price target on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald lowered their price objective on shares of BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Wall Street Zen downgraded shares of BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Canaccord Genuity Group reissued a “buy” rating and issued a $15.00 target price on shares of BTGO in a research report on Friday, August 21st. Finally, Wedbush lowered their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. One equities research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Trading Down 3.1%

The company has a market capitalization of $856.94 million and a price-to-earnings ratio of -5.03. The stock’s fifty day simple moving average is $5.60 and its 200-day simple moving average is $7.71.

BTGO (NYSE:BTGO) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The business had revenue of $4.33 billion for the quarter. On average, analysts anticipate that BTGO will post -0.37 EPS for the current fiscal year.

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

Insider Buying and Selling at BTGO

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the 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 sale, the chief financial officer owned 582,489 shares of the company’s stock, valued at $2,848,371.21. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 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 sale, the chief executive officer directly owned 798,464 shares in the company, valued at $3,904,488.96. This represents a 4.62% 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. Insiders have sold a total of 48,464 shares of company stock valued at $237,096 over the last three months.

Institutional Trading of BTGO

An institutional investor recently bought a new position in BTGO stock. ParaFi Capital LP purchased a new position in shares of BTGO (NYSE:BTGO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO makes up 0.6% of ParaFi Capital LP’s portfolio, making the stock its 13th largest position. ParaFi Capital LP owned about 0.32% of BTGO as of its most recent SEC filing.

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.