Rosenblatt Securities Reaffirms Buy Rating for Galaxy Digital (NASDAQ:GLXY)

Key Points

• Rosenblatt Securities reaffirmed a Buy rating on Galaxy Digital with a $39 price target — implying roughly a 45.5% upside — and the analyst consensus averages a $39.77 target with a "Moderate Buy" rating.
• Galaxy Digital reported quarterly EPS of ($1.08), beating estimates by $0.16 while revenue missed expectations, and analysts forecast about -0.4 EPS for the current year.
• Director Douglas R. Deason bought 25,000 shares at about $20.80, and institutional investors (notably Invesco and First Trust) added new sizable positions, indicating renewed investor interest.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Rosenblatt Securities in a note issued to investors on Thursday,Benzinga reports. They presently have a $39.00 target price on the stock. Rosenblatt Securities' price target indicates a potential upside of 45.52% from the company's current price.

Other equities analysts have also issued research reports about the stock. Citizens Jmp decreased their price objective on shares of Galaxy Digital from $60.00 to $55.00 and set a "market outperform" rating for the company in a research note on Friday, April 10th. HC Wainwright decreased their price objective on shares of Galaxy Digital from $45.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, February 4th. The Goldman Sachs Group decreased their price objective 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. 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 note on Wednesday, March 18th. Finally, Piper Sandler decreased their price objective on shares of Galaxy Digital from $42.00 to $36.00 and set an "overweight" rating for the company in a research note on Tuesday. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $39.77.

Galaxy Digital Trading Up 7.4%

Galaxy Digital stock opened at $26.80 on Thursday. The company has a 50 day moving average price of $21.45 and a 200 day moving average price of $26.60. Galaxy Digital has a 52 week low of $13.27 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 firm has a market capitalization of $10.43 billion and a price-to-earnings ratio of 223.33.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, topping analysts' consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.22 billion during the quarter, compared to analyst estimates of $13.08 billion. Research analysts forecast that Galaxy Digital will post -0.4 EPS for the current year.

Insider Activity

In related news, Director Douglas R. Deason bought 25,000 shares of the firm's stock in a transaction on Wednesday, February 4th. The stock was bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. JPMorgan Chase & Co. bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $80,000. Invesco Ltd. bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $53,233,000. EverSource Wealth Advisors LLC bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $116,000. First Trust Advisors LP bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $13,376,000. Finally, Cerity Partners LLC bought a new position in shares of Galaxy Digital during the 2nd quarter valued at $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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