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 - Get Free Report) had its price target boosted by research analysts at Canaccord Genuity Group from $33.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 24.36% from the company's previous close.

A number of other equities research analysts also recently weighed in on GLXY. HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. BTIG Research reissued a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research note on Tuesday. Wall Street Zen upgraded Galaxy Digital to a "sell" rating in a report on Friday, July 18th. Rosenblatt Securities reduced their target price on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price target on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Galaxy Digital presently has an average rating of "Moderate Buy" and an average target price of $35.63.

Galaxy Digital Stock Down 1.2%

GLXY stock opened at $27.34 on Thursday. The company's fifty day simple moving average is $22.59. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $33.17.

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

Insider Transactions at Galaxy Digital

In other news, COO Erin Elizabeth Brown sold 353,956 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $6,406,603.60. Following the completion of the transaction, the chief operating officer owned 198,088 shares of the company's stock, valued at approximately $3,585,392.80. This trade represents a 64.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the company's stock in a transaction that occurred on 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 sale, the general counsel owned 479,896 shares in the company, valued at $8,686,117.60. The trade was a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,668,671 shares of company stock worth $175,359,900.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently modified their holdings of the company. CWM LLC acquired a new position in shares of Galaxy Digital during the second quarter valued at about $26,000. Centerpoint Advisors LLC purchased a new stake in shares of Galaxy Digital during the second quarter valued at approximately $33,000. DHJJ Financial Advisors Ltd. bought a new stake in Galaxy Digital during the second quarter worth $34,000. FNY Investment Advisers LLC purchased a new position in Galaxy Digital in the second quarter worth $60,000. Finally, SJS Investment Consulting Inc. bought a new position in Galaxy Digital in the 2nd quarter valued at $77,000.

Galaxy Digital Company Profile

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.

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