BTGO (NYSE:BTGO) Trading 8.7% Higher – Still a Buy?

BTGO (NYSE:BTGO) shares were up 8.7% on Wednesday . The company traded as high as $8.85 and last traded at $8.9490. Approximately 78,972 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 987,463 shares. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BTGO shares. Deutsche Bank Aktiengesellschaft started coverage on BTGO in a research report on Tuesday, February 17th. They issued a “buy” rating and a $17.00 price target for the company. Keefe, Bruyette & Woods upgraded BTGO to a “hold” rating in a research report on Tuesday, February 17th. Wedbush restated an “outperform” rating and issued a $15.00 target price on shares of BTGO in a report on Friday, March 27th. Rosenblatt Securities cut their target price on BTGO from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Finally, Zacks Research upgraded BTGO to a “hold” rating in a report on Wednesday, February 18th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.32.

BTGO Stock Performance

The company’s 50 day moving average is $10.74.

BTGO (NYSE:BTGO) last released its quarterly earnings results on Thursday, March 26th. The company reported ($1.03) EPS for the quarter. The firm had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.11 billion.

Insiders Place Their Bets

In other BTGO news, CFO Edward Reginelli sold 45,000 shares of the firm’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $16.74, for a total transaction of $753,300.00. Following the completion of the sale, the chief financial officer owned 539,000 shares of the company’s stock, valued at $9,022,860. This trade represents a 7.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Chen Fang sold 250,000 shares of BTGO stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $16.74, for a total value of $4,185,000.00. Following the completion of the sale, the executive owned 1,233,491 shares in the company, valued at $20,648,639.34. This represents a 16.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 436,007 shares of company stock worth $7,298,757 in the last three months.

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.