Galaxy Digital (NASDAQ:GLXY) Receives "Buy" Rating from Chardan Capital

Key Points

• Chardan Capital reaffirmed its “Buy” rating on Galaxy Digital and set a $35 price target, implying approximately 80% upside from the stock’s current price.
• Galaxy Digital shares fell 12.4% to $19.40 during Wednesday trading. The stock has a beta of 5.06 and has traded between $16.43 and $45.92 over the past year.
• Analyst sentiment remains broadly positive, with 10 Buy, two Hold and two Sell ratings, producing a “Moderate Buy” consensus and an average price target of $39.25. The company also exceeded quarterly EPS expectations, reporting a loss of $0.09 per share versus the expected $0.36 loss.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Chardan Capital in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $35.00 target price on the stock. Chardan Capital's price target points to a potential upside of 80.44% from the stock's current price.

Several other equities analysts have also weighed in on GLXY. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Galaxy Digital in a report on Friday, May 1st. Zacks Research lowered Galaxy Digital from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Rosenblatt Securities lowered their price objective on Galaxy Digital from $39.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday. Piper Sandler cut their target price on shares of Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating for the company in a research report on Friday, July 17th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.25.

Galaxy Digital Stock Down 12.4%

GLXY traded down $2.74 during midday trading on Wednesday, reaching $19.40. 8,199,716 shares of the company were exchanged, compared to its average volume of 6,449,018. The company has a market cap of $7.56 billion, a price-to-earnings ratio of -40.53 and a beta of 5.06. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92. The company's fifty day moving average price is $27.03 and its 200 day moving average price is $25.40. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The business had revenue of $8.71 billion during the quarter. During the same period in the previous year, the company posted $0.08 earnings per share. As a group, analysts expect that Galaxy Digital will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. This represents a 14.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 51.53% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. purchased a new position in Galaxy Digital during the second quarter worth about $80,000. Invesco Ltd. bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $53,233,000. EverSource Wealth Advisors LLC purchased a new position in shares of Galaxy Digital during the second quarter worth about $116,000. First Trust Advisors LP purchased a new position in shares of Galaxy Digital during the second quarter worth about $13,376,000. Finally, Cerity Partners LLC bought a new position in shares of Galaxy Digital in the second quarter worth approximately $219,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.

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