5,933,577 Shares of BitGo Holdings, Inc. $BTGO Bought by Stone Ridge Holdings Group LP

Stone Ridge Holdings Group LP bought a new stake in BitGo Holdings, Inc. (NYSE:BTGO) during the third quarter, Holdings Channel reports. The institutional investor bought 5,933,577 shares of the company’s stock, valued at approximately $43,908,000. BitGo accounts for 71.8% of Stone Ridge Holdings Group LP’s holdings, making the stock its largest holding. Stone Ridge Holdings Group LP owned about 0.05% of BitGo as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. State Street Corp purchased a new stake in shares of BitGo in the second quarter worth approximately $1,202,000. Tidal Investments LLC acquired a new stake in shares of BitGo during the second quarter worth approximately $10,327,000. ParaFi Capital LP acquired a new stake in shares of BitGo during the second quarter worth approximately $1,939,000. Penn Capital Management Company LLC purchased a new position in BitGo during the third quarter valued at approximately $976,000. Finally, Vise Technologies Inc. purchased a new position in BitGo during the third quarter valued at approximately $83,000.

Top BitGo Stories

Here are a few of the latest stories about BTGO:

• Positive Sentiment: BitGo Link now connects 10 exchange brands for institutional treasury teams, expanding connectivity for clients managing digital-asset operations. BitGo Link Connects 10 Exchange Brands for Institutional Treasury Teams
• Positive Sentiment: BitGo added APT staking, deepening its relationship with the Aptos ecosystem and broadening its staking services. BitGo adds APT stake to its growing Aptos relationship
• Neutral Sentiment: BitGo and TOPPAN conducted a proof of concept for decentralized digital-asset key management. The security-focused test could support future services, but no commercial rollout or revenue impact was reported. TOPPAN and BitGo Conduct Proof-of-Concept for Decentralized Key Management

BitGo Stock Performance

Shares of BTGO stock opened at $4.12 on Friday. The stock’s 50 day simple moving average is $6.52 and its 200 day simple moving average is $7.70. BitGo Holdings, Inc. has a twelve month low of $3.95 and a twelve month high of $24.50. The company has a market capitalization of $483.72 million and a price-to-earnings ratio of -2.84.

BitGo (NYSE:BTGO) last announced its earnings results on Monday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.40. The firm had revenue of $2.85 billion during the quarter. BitGo had a negative return on equity of 568.47% and a negative net margin of 0.50%. On average, analysts forecast that BitGo Holdings, Inc. will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BTGO has been the topic of several research reports. Canaccord Genuity Group dropped their price objective on shares of BitGo from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Cantor Fitzgerald decreased their target price on shares of BitGo from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Citigroup decreased their target price on shares of BitGo from $17.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Wells Fargo & Company lowered their price target on shares of BitGo from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Mizuho dropped their price target on shares of BitGo from $11.00 to $9.00 and set an “outperform” rating on the stock in a research note on Tuesday. One equities 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 assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.05.

BitGo Profile

BitGo Holdings, Inc. (NYSE: BTGO) provides digital-asset infrastructure and services for institutional clients, including cryptocurrency custody, wallet technology, trading, staking, financing and settlement. Its platform is designed to help businesses manage, secure and transact in digital assets. Founded in 2013 by Mike Belshe and Ben Davenport, BitGo has built its business around security and institutional-grade tools for digital assets. The company serves organizations such as financial firms, funds, exchanges and businesses that need infrastructure for holding or using cryptocurrencies.