BTIG Research Reiterates “Buy” Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reaffirmed by equities research analysts at BTIG Research in a note issued to investors on Thursday,Benzinga reports. They presently have a $50.00 target price on the stock. BTIG Research’s price target suggests a potential upside of 80.05% from the stock’s current price.

Several other analysts also recently issued reports on the company. 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 report on Wednesday, February 4th. Citizens Jmp reiterated a “market outperform” rating and issued a $55.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, April 24th. Morgan Stanley reiterated an “overweight” rating and issued a $37.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Finally, Weiss Ratings downgraded Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Trading Up 0.8%

Shares of GLXY opened at $27.77 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $10.83 billion and a P/E ratio of -57.85. The stock’s fifty day simple moving average is $24.01 and its 200 day simple moving average is $25.14. Galaxy Digital has a twelve month low of $16.43 and a twelve month high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The business had revenue of $10.21 billion for the quarter. During the same period last year, the business posted ($0.86) earnings per share. On average, equities research analysts forecast that Galaxy Digital will post -0.32 earnings per share for the current year.

Institutional Trading of Galaxy Digital

Several large investors have recently modified their holdings of GLXY. Caitong International Asset Management Co. Ltd grew its stake in shares of Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares in the last quarter. Picton Mahoney Asset Management grew its stake in shares of Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Galaxy Digital during the fourth quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Galaxy Digital during the fourth quarter valued at about $46,000. Finally, Hollencrest Capital Management grew its stake in shares of Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after acquiring an additional 1,734 shares in the last quarter.

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.