Canaccord Genuity Group Issues Positive Forecast for Galaxy Digital (NASDAQ:GLXY) Stock Price

Key Points

• Canaccord Genuity Group has raised the price target for Galaxy Digital (NASDAQ:GLXY) from $33.00 to $34.00, indicating a potential upside of 24.36% from the previous close.
• Galaxy Digital reported $0.08 earnings per share for the last quarter, exceeding analysts' expectations of ($0.06), but fell short of revenue estimates with $8.66 billion compared to $13.11 billion.
• Insider transactions have seen COO Erin Elizabeth Brown and General Counsel Andrew N. Siegel sell significant portions of their stock, with total insider sales amounting to over $175 million in the last 90 days.

Galaxy Digital (NASDAQ:GLXY - Free Report) had its price target lifted by Canaccord Genuity Group from $33.00 to $34.00 in a research note released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on GLXY. Wall Street Zen raised Galaxy Digital to a "sell" rating in a research report on Friday, July 18th. BTIG Research reissued a "buy" rating and issued a $35.00 target price on shares of Galaxy Digital in a report on Tuesday, August 5th. The Goldman Sachs Group began coverage on Galaxy Digital in a report on Thursday, July 31st. They set a "neutral" rating and a $30.00 price objective on the stock. Rosenblatt Securities reduced their price objective on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Piper Sandler increased their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $35.63.

Galaxy Digital Stock Up 6.1%

Shares of GLXY stock traded up $1.69 during mid-day trading on Thursday, hitting $29.47. 8,161,731 shares of the stock traded hands, compared to its average volume of 3,187,064. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $33.17. The stock's 50-day simple moving average is $22.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.14. The company had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Insiders Place Their Bets

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the transaction, the chief operating officer owned 198,088 shares in the company, valued at approximately $5,344,414.24. This represents a 63.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $4,039,358.90. Following the completion of the transaction, the general counsel owned 479,896 shares of the company's stock, valued at $8,686,117.60. The trade was a 31.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,068,671 shares of company stock worth $186,216,900 over the last 90 days.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $43,525,000. Rovida Investment Management Ltd acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $33,612,000. Sullivan Wood Capital Management LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $26,699,000. MMCAP International Inc. SPC acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $16,646,000. Finally, Milestone Asset Management Group LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $5,972,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.