Galaxy Digital's (GLXY) Buy Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research reaffirmed its "Buy" rating on Galaxy Digital and set a $50 price target, implying roughly a 99.2% upside from the current share price.
• Consensus among analysts is a Moderate Buy (1 Strong Buy, 12 Buy, 2 Hold, 1 Sell) with an average price target of $39.43.
• Shares traded at $25.10 after Galaxy Digital reported Q1 EPS of ($0.49) beating estimates, while insider Douglas R. Deason purchased 25,000 shares and large institutions (e.g., Vanguard, Capital Research) hold sizable stakes.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating restated by stock analysts at BTIG Research in a research report issued on Tuesday,Benzinga reports. They currently have a $50.00 price objective on the stock. BTIG Research's price objective indicates a potential upside of 99.20% from the company's current price.

A number of other analysts have also recently weighed in on GLXY. Weiss Ratings cut shares of Galaxy Digital from a "hold (c)" rating to a "sell (d+)" rating in a report on Thursday, March 5th. Citigroup lifted their target price on shares of Galaxy Digital from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 18th. The Goldman Sachs Group lowered their target price on shares of Galaxy Digital from $24.00 to $21.00 and set a "neutral" rating for the company in a research note on Wednesday, April 8th. Chardan Capital initiated coverage on shares of Galaxy Digital in a research note on Monday. They issued a "buy" rating and a $35.00 target price for the company. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $39.43.

Galaxy Digital Stock Up 0.2%

Shares of NASDAQ:GLXY traded up $0.05 during trading on Tuesday, reaching $25.10. The stock had a trading volume of 2,868,185 shares, compared to its average volume of 6,295,620. Galaxy Digital has a one year low of $14.70 and a one year high of $45.92. The company has a market capitalization of $9.77 billion and a P/E ratio of 207.70. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. The firm's 50-day simple moving average is $21.72 and its 200 day simple moving average is $26.19.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($0.59) by $0.10. During the same quarter in the prior year, the firm earned ($0.86) earnings per share. As a group, research analysts expect that Galaxy Digital will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason acquired 25,000 shares of the firm's stock in a transaction on Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the purchase, the director owned 59,000 shares in the company, valued at approximately $1,227,200. The trade was a 73.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 51.53% of the company's stock.

Institutional Trading of Galaxy Digital

Several institutional investors and hedge funds have recently bought and sold shares of GLXY. Capital Research Global Investors acquired a new stake in Galaxy Digital during the 4th quarter valued at approximately $406,102,000. Vanguard Group Inc. lifted its stake in Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company's stock valued at $462,310,000 after acquiring an additional 4,463,782 shares during the period. Invesco Ltd. acquired a new stake in Galaxy Digital during the 2nd quarter valued at approximately $53,233,000. Tidal Investments LLC acquired a new stake in Galaxy Digital during the 2nd quarter valued at approximately $48,452,000. Finally, Norges Bank acquired a new stake in Galaxy Digital during the 4th quarter valued at approximately $32,045,000.

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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