Galaxy Digital’s (GLXY) Overweight Rating Reiterated at Cantor Fitzgerald

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “overweight” rating reissued by investment analysts at Cantor Fitzgerald in a research note issued on Friday,Benzinga reports. They currently have a $30.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 3.89% from the company’s previous close.

A number of other brokerages also recently issued reports on GLXY. Chardan Capital began coverage on Galaxy Digital in a report on Monday. They set a “buy” rating and a $35.00 price target on the stock. Citizens Jmp reaffirmed a “market outperform” rating and set a $55.00 price target on shares of Galaxy Digital in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price target on shares of Galaxy Digital in a report on Thursday, April 23rd. BTIG Research reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Tuesday. Finally, Morgan Stanley reissued an “overweight” rating and issued a $37.00 target price on shares of Galaxy Digital in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Galaxy Digital currently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Stock Up 5.2%

Shares of NASDAQ GLXY traded up $1.44 during trading on Friday, reaching $28.88. The company had a trading volume of 2,685,353 shares, compared to its average volume of 6,312,575. Galaxy Digital has a 12-month low of $16.43 and a 12-month high of $45.92. The stock has a market cap of $11.24 billion and a PE ratio of -60.10. The business’s 50-day moving average is $22.01 and its 200 day moving average is $26.10. 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 (NASDAQ:GLXY) last released its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.27% and a negative net margin of 0.54%.The firm had revenue of $7.35 billion for the quarter. During the same period in the prior year, the company posted ($0.86) earnings per share. As a group, equities analysts forecast that Galaxy Digital will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Douglas R. Deason purchased 25,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the acquisition, the director directly owned 59,000 shares of the company’s stock, valued at $1,227,200. This represents a 73.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 51.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in 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 buying an additional 4,463,782 shares in the last quarter. Capital Research Global Investors bought a new stake in shares of Galaxy Digital in the 4th quarter valued at approximately $406,102,000. Invesco Ltd. lifted its stake in shares of Galaxy Digital by 31.1% in the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after purchasing an additional 731,215 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Galaxy Digital by 13.0% in the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock valued at $54,424,000 after purchasing an additional 279,818 shares during the last quarter. Finally, Tidal Investments LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter valued at approximately $48,452,000.

About Galaxy Digital

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.