These Analysts Cut Their Forecasts On BitGo After Q3 Results
Avi Kapoor 9 hours ago
MarketsTrading IdeasNewsAnalyst RatingsPrice TargetEarnings
BitGo Q3 EPS rose to $0.36, but revenue fell 50.9% to $2.9B. Shares dropped 16.3%; analysts cut targets to $12 and $9.
BitGo Holdings Inc (NYSE:BTGO) on Monday posted an increase in earnings for the third quarter.
Diluted EPS rose to 36 cents from 15 cents in the year-ago period. Total revenue dipped 50.9% year-over-year to $2.9 billion.
Mike Belshe, CEO of BitGo, said, “During the third quarter, we continued to strengthen BitGo’s position as a leading institutional digital asset infrastructure platform. We expanded our global footprint and completed the acquisition of NYDIG’s institutional trading business. We also expanded our off-exchange settlement network through partnerships and integrations with leading exchanges and liquidity providers.”
BitGo shares fell 16.3% to trade at $4.27 on Tuesday.
These analysts made changes to their price targets on BitGo following earnings announcement.
- Canaccord Genuity analyst Joseph Vafi maintained the stock with a Buy and lowered the price target from $15 to $12.
- Wells Fargo analyst Cassie Chan maintained the stock with an Overweight rating and lowered the price target from $11 to $9.
Considering buying BTGO stock? Here’s what analysts think:
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