BTGO (NYSE:BTGO) Shares Gap Down Following Weak Earnings

BTGO (NYSE:BTGO)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.91, but opened at $10.70. BTGO shares last traded at $9.8670, with a volume of 373,065 shares changing hands.

The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The company had revenue of $3.77 billion during the quarter. BTGO’s revenue for the quarter was up 112.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BTGO. Wells Fargo & Company initiated coverage on BTGO in a report on Tuesday, February 17th. They set an “overweight” rating and a $13.00 price target for the company. The Goldman Sachs Group decreased their target price on shares of BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a research report on Friday, March 27th. Citigroup lowered their target price on shares of BTGO from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods upgraded shares of BTGO to a “hold” rating in a research report on Tuesday, February 17th. Finally, Compass Point initiated coverage on shares of BTGO in a research note on Tuesday, February 17th. They issued a “buy” rating and a $17.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.14.

BTGO Stock Down 16.1%

The stock’s fifty day simple moving average is $10.22.

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.