BTGO (NYSE:BTGO) Stock Price Up 9% – Here’s Why

BTGO (NYSE:BTGO) shares rose 9% on Monday . The company traded as high as $9.18 and last traded at $9.3060. Approximately 130,326 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 907,970 shares. The stock had previously closed at $8.54.

Analyst Upgrades and Downgrades

BTGO has been the topic of a number of research reports. Compass Point initiated coverage on BTGO in a report on Tuesday, February 17th. They issued a “buy” rating and a $17.00 price target on the stock. Mizuho lowered their price target on BTGO from $17.00 to $14.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Cantor Fitzgerald reduced their target price on BTGO from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. Clear Str raised BTGO to a “strong-buy” rating in a research note on Tuesday, February 17th. Finally, The Goldman Sachs Group lowered their target price on BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.32.

BTGO Price Performance

The stock’s fifty day simple moving average is $9.98.

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

Insiders Place Their Bets

In other news, insider Jeff Peter Horowitz sold 116,007 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 $1,941,957.18. Following the sale, the insider owned 311,118 shares in the company, valued at $5,208,115.32. This trade represents a 27.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jody Mettler sold 25,000 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 value of $418,500.00. Following the sale, the chief operating officer owned 25,000 shares in the company, valued at $418,500. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 436,007 shares of company stock worth $7,298,757 over the last ninety days.

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.