Galaxy Digital (NASDAQ:GLXY) Given New $35.00 Price Target at Rosenblatt Securities

Key Points

• Rosenblatt Securities lowered the price target for Galaxy Digital (NASDAQ:GLXY) from $36.00 to $35.00, indicating a potential upside of 28.02% from its current price.
• Galaxy Digital recently reported earnings per share of $0.08, surpassing expectations, although its revenue for the quarter was $8.66 billion, falling short of the consensus estimate.
• Insiders have sold a total of 9,668,671 shares in the last three months, valued at approximately $175.36 million, indicating significant insider transactions recently.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its price objective cut by equities researchers at Rosenblatt Securities from $36.00 to $35.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price objective suggests a potential upside of 28.02% from the company's current price.

Several other research firms also recently commented on GLXY. HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. Maxim Group began coverage on Galaxy Digital in a report on Thursday, July 31st. They issued a "buy" rating and a $40.00 target price on the stock. BTIG Research reaffirmed a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a report on Tuesday. Benchmark upped their price target on Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Piper Sandler upped their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, July 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.50.

Galaxy Digital Stock Down 1.2%

GLXY stock traded down $0.34 on Wednesday, reaching $27.34. The company's stock had a trading volume of 9,148,986 shares, compared to its average volume of 3,055,784. The company has a fifty day moving average price of $22.45. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $33.17.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share 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 the consensus estimate of $13.11 billion.

Insider Buying and Selling

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $22,625,000.00. Following the completion of the sale, the insider owned 1,437,921 shares in the company, valued at $26,026,370.10. This represents a 46.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Erin Elizabeth Brown sold 353,956 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $6,406,603.60. Following the completion of the transaction, the chief operating officer directly 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,668,671 shares of company stock worth $175,359,900.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently made changes to their positions in the business. Sullivan Wood Capital Management LLC bought a new position in shares of Galaxy Digital in the second quarter worth about $26,699,000. MMCAP International Inc. SPC bought a new position in Galaxy Digital during the second quarter valued at approximately $16,646,000. Milestone Asset Management Group LLC bought a new position in Galaxy Digital during the second quarter valued at approximately $5,972,000. Bank of Montreal Can bought a new position in Galaxy Digital during the second quarter valued at approximately $3,918,000. Finally, Envestnet Asset Management Inc. bought a new position in Galaxy Digital during the second quarter valued at approximately $1,948,000.

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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