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:

Photo via Shutterstock

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.