Galaxy Digital (NASDAQ:GLXY) Price Target Cut to $35.00 by Analysts 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 target reduced by equities researchers at Rosenblatt Securities from $36.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities' price target suggests a potential upside of 25.99% from the company's previous close.

A number of other analysts have also commented on GLXY. Piper Sandler upped their price objective on shares of Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a research note on Friday, July 18th. Jefferies Financial Group started coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on shares of Galaxy Digital in a research report on Thursday, July 31st. They issued a "neutral" rating and a $30.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.63.

Galaxy Digital Stock Performance

Shares of NASDAQ:GLXY traded down $0.31 during trading hours on Wednesday, hitting $27.78. 10,530,560 shares of the company's stock traded hands, compared to its average volume of 11,201,279. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $33.17. The company's fifty day simple moving average is $22.95.

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

Insiders Place Their Bets

In related news, COO Erin Elizabeth Brown sold 350,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer owned 198,088 shares of the company's stock, valued at approximately $5,344,414.24. This trade represents a 63.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Novogratz sold 4,380,967 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the transaction, the chief executive officer directly owned 348,921 shares in the company, valued at approximately $6,315,470.10. The trade was a 92.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,068,671 shares of company stock valued at $186,216,900 over the last ninety days.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. Harbour Capital Advisors LLC acquired a new position in Galaxy Digital during the second quarter valued at approximately $349,000. AdvisorNet Financial Inc acquired a new position in Galaxy Digital during the second quarter valued at approximately $125,000. SJS Investment Consulting Inc. acquired a new position in Galaxy Digital during the second quarter valued at approximately $77,000. Accurate Wealth Management LLC acquired a new position in Galaxy Digital during the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Galaxy Digital during the second quarter valued at approximately $79,000.

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.