Cantor Fitzgerald Lowers BTGO (NYSE:BTGO) Price Target to $13.00

BTGO (NYSE:BTGO) had its price target decreased by Cantor Fitzgerald from $15.00 to $13.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 126.20% from the company’s current price.

Other 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 research report on Thursday. Wedbush decreased their target price on BTGO from $15.00 to $8.00 and set an “outperform” rating on the stock in a report on Thursday. Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BTGO in a report on Monday, July 13th. Finally, Wells Fargo & Company reduced their price objective on shares of BTGO from $13.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday. One 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 given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.77.

BTGO Price Performance

Shares of BTGO opened at $5.75 on Monday. The company has a market cap of $666.42 million and a PE ratio of -4.46. The firm has a 50-day moving average of $5.20 and a 200-day moving average of $8.20. BTGO has a one year low of $4.65 and a one year high of $24.50.

BTGO (NYSE:BTGO) last issued its earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The company had revenue of $4.05 billion for the quarter. Analysts expect that BTGO will post -0.39 earnings per share for the current year.

BTGO declared that its board has approved a stock repurchase plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Michael Belshe sold 38,691 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value of $189,198.99. Following the completion of the sale, the chief executive officer directly owned 798,464 shares in the company, valued at $3,904,488.96. The trade was a 4.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 stock in a transaction on Friday, July 24th. The stock was sold at an average price of $4.89, for a total value 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 position. 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. In the last quarter, insiders have sold 48,464 shares of company stock worth $237,096.

About BTGO

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.