Wells Fargo & Company Lowers BTGO (NYSE:BTGO) Price Target to $11.00

BTGO (NYSE:BTGO) had its price objective decreased by analysts at Wells Fargo & Company from $13.00 to $11.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 102.95% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Rosenblatt Securities cut their price objective on BTGO from $15.00 to $10.00 and set a “buy” rating for the company in a report on Thursday. Cantor Fitzgerald reissued an “overweight” rating on shares of BTGO in a report on Monday, June 22nd. Wedbush decreased their price objective on shares of BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Finally, Wall Street Zen downgraded BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BTGO presently has an average rating of “Moderate Buy” and an average price target of $13.86.

BTGO Price Performance

Shares of BTGO stock traded up $0.43 during midday trading on Thursday, hitting $5.42. 400,810 shares of the company were exchanged, compared to its average volume of 1,136,036. The firm has a market cap of $628.50 million and a P/E ratio of -4.23. BTGO has a 52 week low of $4.65 and a 52 week high of $24.50. The firm has a 50 day simple moving average of $5.18 and a 200-day simple moving average of $8.31.

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 $4.05 billion during the quarter. Equities research analysts expect that BTGO will post -0.15 earnings per share for the current year.

BTGO announced that its Board of Directors has approved a share repurchase program on Wednesday, June 17th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other BTGO news, CEO Michael Belshe sold 38,691 shares of the business’s stock in a transaction dated Friday, July 24th. The shares were 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 approximately $3,904,488.96. The trade was a 4.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Edward Reginelli sold 9,021 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $44,112.69. Following the transaction, the chief financial officer owned 582,489 shares in the company, valued at $2,848,371.21. The trade was a 1.53% 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 a total of 48,464 shares of company stock valued at $237,096 in the last 90 days.

Trending Headlines about BTGO

Here are the key news stories impacting BTGO this week:

• Positive Sentiment: BitGo reported roughly $4.1 billion to $4.3 billion in second-quarter revenue, an increase of nearly 80% year over year. Client growth of 26% and gross profit of $42.5 million point to continued expansion in its digital-asset infrastructure business. BitGo Holdings Stock Climbs on Revenue Surge and Buyback Plan
• Positive Sentiment: The company authorized a $50 million share-repurchase program. Buybacks can support per-share value and signal management confidence, although the benefit depends on execution and available cash. BitGo Holdings Stock Climbs on Revenue Surge and Buyback Plan
• Neutral Sentiment: Despite the forecast reductions, Wedbush maintained an “outperform” rating at an $8 target, while Rosenblatt kept a “buy” rating at $10. Both targets still imply substantial upside from recent trading levels. BitGo Analysts Slash Their Forecasts After Q2 Results
• Neutral Sentiment: Several institutional investors reportedly added BTGO shares in recent quarters, suggesting some professional-investor support; however, these holdings data are lagged and may not reflect current positioning.
• Negative Sentiment: BitGo posted a diluted loss of $0.16 per share, substantially worse than the roughly $0.03 consensus estimate. The company also recorded a $19 million net loss, negative operating cash flow of $18.1 million, and an $18.8 million unrealized digital-asset loss. BitGo Posts Q2 Loss Despite Revenue Surge
• Negative Sentiment: Wedbush cut its price target from $15 to $8, and Rosenblatt reduced its target from $15 to $10. The cuts indicate analysts believe the earnings miss, weaker trading margins, and volatility in digital-asset results warrant more conservative valuations. BitGo Analysts Slash Their Forecasts After Q2 Results

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.