BTGO’s (NYSE:BTGO – Get Free Report) lock-up period will expire on Tuesday, July 21st. BTGO had issued 11,821,595 shares in its IPO on January 22nd. The total size of the offering was $212,788,710 based on an initial share price of $18.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.
Analysts Set New Price Targets
BTGO has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of BTGO in a research report on Monday, June 22nd. The Goldman Sachs Group dropped their price target on BTGO from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Friday, March 27th. Mizuho cut their price objective on shares of BTGO from $17.00 to $14.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Wall Street Zen lowered BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Rosenblatt Securities dropped their price target on BTGO from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, March 27th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.14.
Check Out Our Latest Report on BTGO
BTGO Price Performance
BTGO (NYSE:BTGO – Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The business had revenue of $3.77 billion for the quarter. The business’s quarterly revenue was up 112.6% on a year-over-year basis. On average, sell-side analysts forecast that BTGO will post -0.32 EPS for the current fiscal year.
BTGO announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
BTGO News Roundup
Here are the key news stories impacting BTGO this week:
- Negative Sentiment: Several firms, including Kaplan Fox, Rosen, Pomerantz, Bernstein Liebhard, Faruqi & Faruqi, and others, reiterated that class-action lawsuits have been filed against BitGo over alleged investor harm tied to its IPO and disclosures. Article Title
- Negative Sentiment: The lawsuits create an added legal risk for BitGo Holdings, Inc. (BTGO), with firms actively recruiting investors with losses to participate, which can pressure the stock by raising concerns about potential settlements, legal costs, and reputational damage. Article Title
- Neutral Sentiment: BitGo also announced plans to offer institutional custody and off-exchange settlement for USDM1, described as the world’s first natively issued onchain sovereign bond, which could be a longer-term product and business-development positive, but the article provided no financial details or timing for material revenue impact. Article Title
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.
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