Galaxy Digital's (GLXY) Buy Rating Reiterated at Chardan Capital

Key Points

• Chardan Capital reiterated a Buy rating on Galaxy Digital (GLXY) with a $35 price target, implying roughly a 19.6% upside from the current share price.
• Consensus among analysts is a Moderate Buy with an average price target of $39.50, based on 1 Strong Buy, 12 Buy, 2 Hold and 1 Sell ratings.
• Director Douglas R. Deason purchased 25,000 shares at $20.80 (increasing his stake about 73.5%), and insiders collectively own approximately 51.53% of the company.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Chardan Capital in a report issued on Monday,Benzinga reports. They presently have a $35.00 price objective on the stock. Chardan Capital's target price indicates a potential upside of 19.60% from the stock's current price.

Other analysts have also recently issued reports about the stock. Citigroup increased 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. BTIG Research reiterated a "buy" rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Tuesday, April 28th. Citizens Jmp reissued a "market outperform" rating and issued a $55.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Piper Sandler decreased their price target on shares of Galaxy Digital from $42.00 to $36.00 and set an "overweight" rating on the stock in a report on Tuesday, April 21st. Finally, HC Wainwright decreased their price target on shares of Galaxy Digital from $45.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.50.

Galaxy Digital Price Performance

NASDAQ GLXY traded up $1.15 on Monday, hitting $29.26. The stock had a trading volume of 997,363 shares, compared to its average volume of 6,316,969. Galaxy Digital has a 52-week low of $16.43 and a 52-week high of $45.92. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market capitalization of $11.39 billion and a price-to-earnings ratio of -60.91. The firm has a 50-day moving average of $22.01 and a 200-day moving average of $25.89.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.27%. The business had revenue of $7.35 billion for the quarter. During the same quarter in the prior year, the company earned ($0.86) earnings per share. Equities analysts expect that Galaxy Digital will post -0.76 EPS for the current year.

Insider Activity at Galaxy Digital

In related news, Director Douglas R. Deason purchased 25,000 shares of the firm's stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director directly owned 59,000 shares of the company's stock, valued at approximately $1,227,200. This represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 51.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company's stock valued at $32,000 after purchasing an additional 928 shares during the last quarter. North Star Investment Management Corp. bought a new position in shares of Galaxy Digital during the 3rd quarter valued at $34,000. Picton Mahoney Asset Management grew its holdings in shares of Galaxy Digital by 200.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company's stock valued at $34,000 after purchasing an additional 1,000 shares during the last quarter. ORG Partners LLC grew its holdings in shares of Galaxy Digital by 1,110.0% during the 3rd quarter. ORG Partners LLC now owns 968 shares of the company's stock valued at $36,000 after purchasing an additional 888 shares during the last quarter. Finally, Danske Bank A S bought a new position in shares of Galaxy Digital during the 4th quarter valued at $36,000.

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.

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