Rosenblatt Securities Issues Pessimistic Forecast for Galaxy Digital (NASDAQ:GLXY) Stock Price

Key Points

• Rosenblatt Securities cut Galaxy Digital’s price target from $35 to $30 while maintaining a “Buy” rating, implying roughly 104% upside from the stock’s previous close.
• Analyst sentiment remains broadly positive, with 11 Buy, two Hold and one Sell rating; the consensus target is $36.50, though several firms recently reduced their targets.
• Galaxy Digital shares opened at $14.68, near their 12-month low of $14.57, after reporting a quarterly loss of $0.09 per share—better than the expected $0.36 loss. Two directors recently purchased shares, and insiders own 51.53% of the company.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its target price decreased by research analysts at Rosenblatt Securities from $35.00 to $30.00 in a report released on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Rosenblatt Securities's price objective would suggest a potential upside of 104.36% from the stock's previous close.

Several other analysts have also weighed in on GLXY. Weiss Ratings lowered Galaxy Digital from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday. Morgan Stanley decreased their price target on shares of Galaxy Digital from $48.00 to $43.00 and set an "overweight" rating on the stock in a research note on Friday, October 9th. Maxim Group lowered their price target on shares of Galaxy Digital from $46.00 to $36.00 and set a "buy" rating on the stock in a report on Thursday. Citigroup upgraded shares of Galaxy Digital from a "neutral" rating to a "buy" rating and increased their price objective for the company from $26.00 to $28.00 in a research note on Tuesday, October 13th. Finally, Chardan Capital restated a "buy" rating and issued a $35.00 price objective on shares of Galaxy Digital in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Galaxy Digital currently has an average rating of "Moderate Buy" and a consensus target price of $36.50.

Galaxy Digital Price Performance

NASDAQ GLXY opened at $14.68 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a 50-day simple moving average of $22.40 and a 200 day simple moving average of $24.97. Galaxy Digital has a twelve month low of $14.57 and a twelve month high of $41.47. The stock has a market cap of $5.74 billion, a PE ratio of -22.58 and a beta of 5.11.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.27. The firm had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%. During the same quarter in the prior year, the firm earned $0.08 earnings per share. On average, research analysts forecast that Galaxy Digital will post -0.59 EPS for the current year.

Insider Transactions at Galaxy Digital

In related news, Director Douglas Deason bought 12,000 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was acquired at an average cost of $21.54 per share, with a total value of $258,480.00. Following the acquisition, the director owned 71,000 shares in the company, valued at approximately $1,529,340. This represents a 20.34% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven Bandrowczak bought 5,100 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director directly owned 39,186 shares in the company, valued at $769,221.18. This trade represents a 14.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of Galaxy Digital by 99.7% in the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company's stock valued at $104,821,000 after purchasing an additional 1,913,688 shares in the last quarter. Moore Capital Management LP increased its position in shares of Galaxy Digital by 52.9% during the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock worth $56,929,000 after purchasing an additional 720,000 shares in the last quarter. Sullivan Wood Capital Management LLC increased its position in shares of Galaxy Digital by 4.0% during the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company's stock worth $33,213,000 after purchasing an additional 55,804 shares in the last quarter. Bank of America Corp DE increased its position in shares of Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock worth $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, Anson Funds Management LP bought a new position in Galaxy Digital during the 1st quarter valued at about $11,070,000.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.

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