Rosenblatt Securities Reaffirms Buy Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They presently have a $39.00 target price on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 50.00% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley lowered their target price on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Citigroup increased their target price on Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, March 18th. BTIG Research reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Tuesday, April 14th. Wall Street Zen lowered Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.77.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $26.00 on Thursday. The business’s 50-day moving average price is $21.66 and its 200 day moving average price is $26.51. Galaxy Digital has a twelve month low of $14.30 and a twelve month high of $45.92. The company has a market capitalization of $10.12 billion and a PE ratio of 216.67. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, topping the consensus estimate 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. On average, research analysts predict that Galaxy Digital will post -0.56 earnings per share for the current year.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Apollon Wealth Management LLC purchased a new position in Galaxy Digital in the first quarter valued at about $649,000. RFG Advisory LLC boosted its holdings in Galaxy Digital by 2.7% in the first quarter. RFG Advisory LLC now owns 45,933 shares of the company’s stock valued at $847,000 after purchasing an additional 1,205 shares during the last quarter. OP Asset Management Ltd purchased a new position in Galaxy Digital in the first quarter valued at about $940,000. Faithward Advisors LLC boosted its holdings in Galaxy Digital by 7.1% in the first quarter. Faithward Advisors LLC now owns 58,517 shares of the company’s stock valued at $1,080,000 after purchasing an additional 3,896 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Galaxy Digital by 78.9% in the first quarter. SG Americas Securities LLC now owns 451,875 shares of the company’s stock valued at $8,337,000 after purchasing an additional 199,317 shares during 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.