BTGO (NYSE:BTGO) Shares Up 11.3% – Still a Buy?

Shares of BTGO (NYSE:BTGO) shot up 11.3% during mid-day trading on Wednesday . The stock traded as high as $6.01 and last traded at $5.9990. Approximately 482,724 shares were traded during trading, a decline of 59% from the average session volume of 1,164,641 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

Several equities analysts recently commented on BTGO shares. Wedbush dropped 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. Mizuho decreased their target price on BTGO from $14.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, August 14th. Rosenblatt Securities lowered their target price on BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Citigroup dropped their price target on BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Finally, Cantor Fitzgerald cut their price target on BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.77.

BTGO Price Performance

The firm’s 50 day moving average price is $5.20 and its two-hundred day moving average price is $8.09. The stock has a market cap of $731.13 million and a PE ratio of -4.35.

BTGO (NYSE:BTGO) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.13). The company had revenue of $4.05 billion for the quarter. Analysts anticipate that BTGO will post -0.39 earnings per share for the current year.

BTGO announced that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at BTGO

In related news, CEO Michael Belshe sold 38,691 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $189,198.99. Following the sale, the chief executive officer directly owned 798,464 shares in the company, valued at approximately $3,904,488.96. The trade was a 4.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Edward Reginelli sold 9,021 shares of the business’s 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 in the company, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 48,464 shares of company stock worth $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.