Galaxy Digital’s (GLXY) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a $35.00 target price on the stock.

Several other research firms have also recently weighed in on GLXY. Piper Sandler cut their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Rosenblatt Securities dropped their target price on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley reaffirmed an “overweight” rating and set a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, BTIG Research reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Thursday, May 21st. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $38.83.

Galaxy Digital Trading Up 3.2%

NASDAQ:GLXY opened at $20.17 on Wednesday. The firm has a market capitalization of $7.86 billion, a P/E ratio of -31.03 and a beta of 5.06. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a fifty day moving average of $26.41 and a 200 day moving average of $25.17. Galaxy Digital has a 52 week low of $16.43 and a 52 week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.10% and a negative net margin of 0.75%.The firm had revenue of $8.71 billion for the quarter. During the same quarter in the prior year, the business posted $0.08 earnings per share. On average, research analysts predict that Galaxy Digital will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. This represents a 14.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 51.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently bought and sold shares of GLXY. Capital Research Global Investors bought a new stake in shares of Galaxy Digital during the fourth quarter valued at approximately $406,102,000. Vanguard Group Inc. lifted its position in Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Invesco Ltd. bought a new position in Galaxy Digital in the 2nd quarter valued at approximately $53,233,000. Tidal Investments LLC purchased a new stake in Galaxy Digital during the 2nd quarter valued at $48,452,000. Finally, Norges Bank purchased a new stake in 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.