BitGo (NYSE:BTGO) Stock Gets Price Target Cut from Canaccord Genuity Group

BitGo (NYSE:BTGO) had its target price lowered by Canaccord Genuity Group from $15.00 to $12.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

BTGO has been the topic of a number of other research reports. Citigroup dropped their target price on shares of BitGo from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Rosenblatt Securities reduced their price target on shares of BitGo from $15.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d)” rating on shares of BitGo in a research report on Friday, October 9th. Cantor Fitzgerald decreased their price target on shares of BitGo from $15.00 to $13.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Finally, Wells Fargo & Company dropped their price objective on shares of BitGo from $13.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. One investment 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’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.05.

BitGo Stock Down 5.6%

Shares of NYSE BTGO opened at $4.12 on Tuesday. The business’s 50 day moving average is $6.52 and its two-hundred day moving average is $7.70. The company has a market cap of $483.72 million and a P/E ratio of -2.84. BitGo has a 12 month low of $3.95 and a 12 month high of $24.50.

BitGo (NYSE:BTGO) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.40. BitGo had a negative return on equity of 568.47% and a negative net margin of 0.50%. The company had revenue of $2.85 billion during the quarter. Sell-side analysts expect that BitGo will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BitGo

A number of institutional investors have recently bought and sold shares of BTGO. Stone Ridge Holdings Group LP bought a new stake in BitGo in the 3rd quarter valued at $43,908,000. Tidal Investments LLC acquired a new stake in shares of BitGo during the 2nd quarter valued at about $10,327,000. State Street Corp increased its stake in BitGo by 454.3% in the third quarter. State Street Corp now owns 1,286,198 shares of the company’s stock valued at $9,518,000 after acquiring an additional 1,054,178 shares during the period. ParaFi Capital LP bought a new stake in BitGo in the second quarter valued at about $1,939,000. Finally, Penn Capital Management Company LLC bought a new stake in BitGo in the third quarter valued at about $976,000.

BitGo News Roundup

Investors following BTGO have been watching these news items:

• Positive Sentiment: BitGo added USDC minting and redemption to Go Accounts for institutional clients, potentially making stablecoin transactions more convenient within its platform. BitGo expands USDC minting and redemption for institutional clients
• Neutral Sentiment: BitGo and TOPPAN conducted a proof of concept for decentralized digital-asset key management. The security-focused test could support future services, but no commercial rollout or revenue impact was reported. TOPPAN and BitGo Conduct Proof-of-Concept for Decentralized Key Management
• Negative Sentiment: Wells Fargo issued a pessimistic outlook, while Canaccord Genuity and Rosenblatt lowered their expectations for BTGO. The analyst actions add pressure amid the stock’s recent weakness. Wells Fargo & Company Issues Pessimistic Forecast for BTGO

BitGo Company Profile

BitGo Holdings, Inc. (NYSE: BTGO) provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.