Galaxy Digital's (GLXY) "Buy" Rating Reiterated at Canaccord Genuity Group

Key Points

• Canaccord Genuity reiterated a Buy on Galaxy Digital and set a $50 price target, implying roughly a 90% upside from the stock's current price.
• Analyst sentiment is mixed but tilted positive: MarketBeat shows 1 Strong Buy, 11 Buy, 2 Hold and 1 Sell, producing a consensus rating of "Moderate Buy" and an average price target of $39.77, though several firms have recently trimmed targets.
• Insider and financial signals: director Douglas R. Deason bought 25,000 shares at $20.80 (increasing his stake ~73.5%), and the company reported quarterly EPS of -$1.08 (beat estimates) while revenue of $10.22B missed estimates.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Canaccord Genuity Group in a research report issued on Friday,Benzinga reports. They currently have a $50.00 price objective on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 90.26% from the stock's current price.

Several other analysts have also recently commented on the company. HC Wainwright reduced their target price on Galaxy Digital from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, February 4th. Piper Sandler reduced their target price on Galaxy Digital from $42.00 to $36.00 and set an "overweight" rating on the stock in a report on Tuesday. Citizens Jmp cut their price target on Galaxy Digital from $60.00 to $55.00 and set a "market outperform" rating on the stock in a report on Friday, April 10th. Cantor Fitzgerald reduced their price objective on shares of Galaxy Digital from $48.00 to $30.00 and set an "overweight" rating for the company in a research report on Thursday, April 9th. Finally, Citigroup raised their price objective on shares of Galaxy Digital from $25.00 to $28.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $39.77.

Galaxy Digital Stock Performance

Shares of GLXY stock opened at $26.28 on Friday. The business's 50 day simple moving average is $21.57 and its 200 day simple moving average is $26.60. Galaxy Digital has a one year low of $13.48 and a one year high of $45.92. The stock has a market capitalization of $10.23 billion and a PE ratio of 219.00. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its earnings results on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.24) by $0.16. The company had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $13.08 billion. As a group, research analysts forecast that Galaxy Digital will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the transaction, the director directly owned 59,000 shares of the company's stock, valued at $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently modified their holdings of the company. CWM LLC raised its position in shares of Galaxy Digital by 20.8% during the third quarter. CWM LLC now owns 1,419 shares of the company's stock worth $48,000 after purchasing an additional 244 shares during the period. Victory Capital Management Inc. raised its position in shares of Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company's stock worth $663,000 after purchasing an additional 411 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Galaxy Digital by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company's stock worth $1,182,000 after purchasing an additional 666 shares during the period. Main Management ETF Advisors LLC raised its position in shares of Galaxy Digital by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company's stock worth $1,593,000 after purchasing an additional 728 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Galaxy Digital by 2.3% during the fourth quarter. Cetera Investment Advisers now owns 32,963 shares of the company's stock worth $737,000 after purchasing an additional 742 shares during the period.

About Galaxy Digital

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.