BTGO’s (BTGO) Buy Rating Reaffirmed at Canaccord Genuity Group

BTGO (NYSE:BTGO)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a report issued on Friday,Benzinga reports. They presently have a $15.00 price target on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 115.83% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Rosenblatt Securities cut their price objective on shares of BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Weiss Ratings restated 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 dropped their target price on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Finally, Citigroup cut their price target on BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.77.

BTGO Stock Up 5.3%

Shares of NYSE BTGO traded up $0.35 during trading on Friday, reaching $6.95. 1,452,512 shares of the stock were exchanged, compared to its average volume of 1,196,241. The business’s 50-day moving average price is $5.25 and its 200 day moving average price is $8.00. BTGO has a twelve month low of $4.65 and a twelve month high of $24.50. The company has a market capitalization of $805.92 million and a price-to-earnings ratio of -4.79.

BTGO (NYSE:BTGO) last announced its earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share 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, sell-side analysts expect that BTGO will post -0.39 earnings per share for the current fiscal year.

BTGO announced that its board has authorized a share repurchase program on Wednesday, June 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 7.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other BTGO 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 transaction of $44,112.69. Following the transaction, the chief financial officer directly owned 582,489 shares in the company, valued at $2,848,371.21. This represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 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 transaction, the chief executive officer directly owned 798,464 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 48,464 shares of company stock valued at $237,096.

About BTGO

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.