BTGO’s Lock-Up Period To End on July 21st (NYSE:BTGO)

BTGO’s (NYSE:BTGO) lock-up period is set to expire on Tuesday, July 21st. BTGO had issued 11,821,595 shares in its initial public offering 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 expiration of the lock-up period.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $15.00 price objective on shares of BTGO in a research note on Friday, March 27th. Wall Street Zen cut shares of BTGO from a “hold” rating to a “sell” rating in a research note on Sunday, May 17th. The Goldman Sachs Group lowered their price target on shares of BTGO from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Friday, March 27th. Weiss Ratings restated a “sell (d)” rating on shares of BTGO in a research report on Monday. Finally, Rosenblatt Securities dropped their price target on shares of BTGO from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. 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 assigned a Sell rating to the company. According to data from MarketBeat.com, BTGO has an average rating of “Moderate Buy” and a consensus target price of $15.14.

BTGO Stock Performance

Shares of BTGO stock opened at $4.78 on Friday. BTGO has a one year low of $4.66 and a one year high of $24.50. The stock’s 50 day moving average is $6.23. The stock has a market capitalization of $553.94 million and a P/E ratio of -3.70.

BTGO (NYSE:BTGO) last announced its earnings results on Wednesday, May 13th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The business had revenue of $3.77 billion during the quarter. BTGO’s revenue was up 112.6% compared to the same quarter last year. Equities analysts predict that BTGO will post -0.32 EPS for the current fiscal year.

BTGO declared that its board has approved a stock repurchase plan on Wednesday, June 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Key Stories Impacting BTGO

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.