Galaxy Digital (NASDAQ:GLXY) Earns Buy Rating from Canaccord Genuity Group

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity Group in a note issued to investors on Friday,Benzinga reports. They presently have a $50.00 price objective on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 92.31% from the company’s current price.

GLXY has been the subject of a number of other reports. Weiss Ratings lowered shares of Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. BTIG Research reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Tuesday, April 14th. Morgan Stanley dropped their price objective on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. Cantor Fitzgerald dropped their price objective on shares of Galaxy Digital from $48.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Finally, HC Wainwright dropped their price objective on shares of Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus price target of $39.77.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock opened at $26.00 on Friday. The firm has a market capitalization of $10.12 billion and a P/E ratio of 216.67. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average price of $21.66 and a 200 day moving average price of $26.42. Galaxy Digital has a 52 week low of $14.30 and a 52 week high of $45.92.

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

Insiders Place Their Bets

In other news, Director Douglas R. Deason acquired 25,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $20.80 per share, for a total transaction of $520,000.00. Following 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. CWM LLC raised its holdings in shares of Galaxy Digital by 20.8% during the 3rd quarter. CWM LLC now owns 1,419 shares of the company’s stock worth $48,000 after acquiring an additional 244 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Galaxy Digital by 2.1% during the 3rd quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock worth $663,000 after acquiring an additional 411 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Galaxy Digital by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock worth $1,182,000 after acquiring an additional 666 shares during the period. Main Management ETF Advisors LLC raised its holdings in Galaxy Digital by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock valued at $1,593,000 after buying an additional 728 shares during the period. Finally, Cetera Investment Advisers raised its holdings in Galaxy Digital by 2.3% in the 4th quarter. Cetera Investment Advisers now owns 32,963 shares of the company’s stock valued at $737,000 after buying an additional 742 shares during the period.

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.