BTGO (NYSE:BTGO) Shares Gap Up – Time to Buy?

Shares of BTGO (NYSE:BTGO) gapped up before the market opened on Thursday . The stock had previously closed at $6.25, but opened at $6.61. BTGO shares last traded at $6.4250, with a volume of 412,745 shares trading hands.

Analysts Set New Price Targets

BTGO has been the topic of a number of recent analyst reports. Citigroup dropped their price target on shares of BTGO from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Rosenblatt Securities cut their price target on BTGO from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. 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 report on Thursday, August 13th. Wedbush decreased their price target on BTGO from $15.00 to $8.00 and set an “outperform” rating for the company in a report on Thursday, August 13th. Finally, Wall Street Zen lowered shares of BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.77.

BTGO Price Performance

The stock has a market cap of $796.65 million and a P/E ratio of -4.74. The firm’s fifty day moving average price is $5.29 and its two-hundred day moving average price is $7.99.

BTGO (NYSE:BTGO) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.13). The business had revenue of $4.05 billion during the quarter. On average, research analysts expect that BTGO will post -0.39 earnings per share for the current fiscal year.

BTGO announced that its board has authorized a stock buyback plan on Wednesday, June 17th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other BTGO news, CFO Edward Reginelli sold 9,021 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $4.89, for a total transaction of $44,112.69. Following the sale, the chief financial officer owned 582,489 shares in the company, valued at $2,848,371.21. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Michael Belshe sold 38,691 shares of BTGO 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 $189,198.99. Following the transaction, the chief executive officer directly owned 798,464 shares in the company, valued at $3,904,488.96. This trade represents a 4.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 48,464 shares of company stock worth $237,096.

Institutional Trading of BTGO

An institutional investor recently bought a new position in BTGO stock. ParaFi Capital LP acquired a new position in shares of BTGO (NYSE:BTGO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 374,400 shares of the company’s stock, valued at approximately $1,939,000. BTGO makes up about 0.6% of ParaFi Capital LP’s portfolio, making the stock its 13th largest position. ParaFi Capital LP owned approximately 0.32% of BTGO at the end of the most recent reporting period.

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.