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

BTGO’s (NYSE:BTGO) lock-up period will end 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. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BTGO. Wedbush reiterated an “outperform” rating and issued a $15.00 price target on shares of BTGO in a report on Friday, March 27th. Wall Street Zen cut BTGO from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Rosenblatt Securities lowered their price objective on BTGO from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 27th. Canaccord Genuity Group reiterated a “buy” rating and issued a $15.00 target price on shares of BTGO in a research note on Friday, March 27th. Finally, Weiss Ratings initiated coverage on BTGO in a research report on Wednesday, April 15th. They set a “sell (d)” rating on the stock. One investment 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 issued a Sell rating to the company. According to data from MarketBeat, BTGO currently has an average rating of “Moderate Buy” and a consensus price target of $15.14.

BTGO Price Performance

Shares of NYSE BTGO opened at $5.11 on Tuesday. BTGO has a 52-week low of $4.66 and a 52-week high of $24.50. The company’s fifty day moving average is $6.78. The stock has a market cap of $591.98 million and a PE ratio of -3.96.

BTGO (NYSE:BTGO) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.55). The firm had revenue of $3.77 billion during the quarter. The company’s revenue for the quarter was up 112.6% on a year-over-year basis. On average, sell-side analysts forecast that BTGO will post -0.28 earnings per share for the current fiscal year.

BTGO declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.