BTGO (NYSE:BTGO) Shares Gap Up – Here’s Why

BTGO (NYSE:BTGO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $7.67, but opened at $8.01. BTGO shares last traded at $7.4190, with a volume of 237,501 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have commented on BTGO shares. Canaccord Genuity Group restated a “buy” rating and set a $15.00 price target on shares of BTGO in a research note on Friday, March 27th. Zacks Research raised BTGO to a “hold” rating in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft initiated coverage on BTGO in a report on Tuesday, February 17th. They issued a “buy” rating and a $17.00 price objective on the stock. Citigroup lowered their target price on BTGO from $18.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $15.00 target price on shares of BTGO in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.59.

BTGO Stock Performance

The business has a 50 day moving average of $10.74.

BTGO (NYSE:BTGO) last issued its quarterly earnings results on Thursday, March 26th. The company reported ($1.03) EPS for the quarter. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.11 billion.

Insider Buying and Selling

In related news, CRO Chen Fang sold 250,000 shares of BTGO stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $16.74, for a total value of $4,185,000.00. Following the completion of the transaction, the executive directly owned 1,233,491 shares in the company, valued at approximately $20,648,639.34. This trade represents a 16.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeff Peter Horowitz sold 116,007 shares of the business’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $16.74, for a total value of $1,941,957.18. Following the transaction, the insider directly owned 311,118 shares of the company’s stock, valued at $5,208,115.32. The trade was a 27.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 436,007 shares of company stock valued at $7,298,757 in the last three months.

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.