BTGO (NYSE:BTGO) Stock Price Down 5.4% – Here’s Why

BTGO (NYSE:BTGO) shares fell 5.4% during mid-day trading on Friday . The company traded as low as $7.10 and last traded at $7.1170. Approximately 164,337 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,221,066 shares. The stock had previously closed at $7.52.

Analyst Upgrades and Downgrades

BTGO has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on BTGO from $13.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Citigroup decreased their price objective on BTGO from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Weiss Ratings reiterated a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Wall Street Zen lowered shares of BTGO from a “hold” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Mizuho lowered their price objective on shares of BTGO from $14.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.77.

BTGO Stock Performance

The stock has a 50 day moving average price of $5.56 and a two-hundred day moving average price of $7.71. The company has a market capitalization of $856.35 million and a PE ratio of -5.03.

BTGO (NYSE:BTGO) last announced 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 company had revenue of $4.33 billion during the quarter. Sell-side analysts predict that BTGO will post -0.37 earnings per share for the current year.

BTGO announced that its board has approved a stock buyback program on Wednesday, June 17th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at BTGO

In related news, CFO Edward Reginelli sold 9,021 shares of BTGO 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 completion of the sale, the chief financial officer owned 582,489 shares of the company’s stock, valued at approximately $2,848,371.21. The trade was a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 company’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 completion of the sale, the chief executive officer 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 sold 48,464 shares of company stock valued at $237,096 over the last three months.

Hedge Funds Weigh In On BTGO

An institutional investor recently bought a new position in BTGO stock. ParaFi Capital LP purchased a new position in BTGO (NYSE:BTGO) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO comprises about 0.6% of ParaFi Capital LP’s holdings, making the stock its 13th largest holding. ParaFi Capital LP owned approximately 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.