Galaxy Digital’s (GLXY) “Buy” Rating Reiterated at Canaccord Genuity Group

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a note issued to investors on Friday,Benzinga reports. They currently have a $50.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 90.26% from the company’s previous close.

GLXY has been the subject of a number of other reports. Citizens Jmp lowered their price target on Galaxy Digital from $60.00 to $55.00 and set a “market outperform” rating for the company in a research report on Friday, April 10th. Weiss Ratings lowered Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Galaxy Digital in a research report on Thursday. HC Wainwright lowered their price target on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. Finally, Cantor Fitzgerald lowered their price target on Galaxy Digital from $48.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.77.

Galaxy Digital Price Performance

Shares of NASDAQ:GLXY opened at $26.28 on Friday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80. Galaxy Digital has a twelve month low of $13.48 and a twelve month high of $45.92. The stock’s 50 day moving average is $21.57 and its 200-day moving average is $26.60. The firm has a market capitalization of $10.23 billion and a price-to-earnings ratio of 219.00.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.22 billion for the quarter, compared to analyst estimates of $13.08 billion. Sell-side analysts forecast that Galaxy Digital will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average cost of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director directly owned 59,000 shares in the company, valued at $1,227,200. This trade represents a 73.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Several large investors have recently made changes to their positions in GLXY. Capital Research Global Investors purchased a new stake in shares of Galaxy Digital during the 4th quarter valued at $406,102,000. Vanguard Group Inc. increased its position in shares of Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Invesco Ltd. purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at $53,233,000. Tidal Investments LLC purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at $48,452,000. Finally, Norges Bank purchased a new stake in shares of Galaxy Digital during the 4th quarter valued at $32,045,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.