ParaFi Capital LP Takes $1.94 Million Position in BTGO $BTGO

ParaFi Capital LP acquired a new stake in shares of BTGO (NYSE:BTGO) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO accounts for 0.6% of ParaFi Capital LP’s investment portfolio, making the stock its 13th largest holding.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BTGO. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $15.00 price target on shares of BTGO in a research report on Friday, August 21st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Cantor Fitzgerald cut their price target on BTGO from $15.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Wedbush reduced their price objective on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a research note on Thursday, August 13th. Finally, Wall Street Zen lowered BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat, BTGO has a consensus rating of “Moderate Buy” and a consensus price target of $12.77.

Insider Buying and Selling at BTGO

In related news, CFO Edward Reginelli sold 9,021 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 $44,112.69. Following the completion of the transaction, the chief financial officer directly owned 582,489 shares of the company’s stock, valued at $2,848,371.21. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 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 completion of the transaction, 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 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 sold a total of 48,464 shares of company stock valued at $237,096 over the last 90 days.

BTGO Stock Performance

Shares of BTGO stock opened at $7.07 on Thursday. The company’s 50 day moving average price is $5.50 and its 200-day moving average price is $7.73. BTGO has a 52-week low of $4.65 and a 52-week high of $24.50. The stock has a market capitalization of $830.61 million and a price-to-earnings ratio of -4.87.

BTGO (NYSE:BTGO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The firm had revenue of $4.33 billion for the quarter. As a group, equities research analysts forecast that BTGO will post -0.37 earnings per share for the current fiscal year.

BTGO declared that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

BTGO 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.