Galaxy Digital’s (GLXY) “Buy” Rating Reaffirmed at Chardan Capital

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reiterated by Chardan Capital in a research report issued on Monday,Benzinga reports. They presently have a $35.00 price target on the stock. Chardan Capital’s target price would suggest a potential upside of 19.60% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Citizens Jmp reissued a “market outperform” rating and set a $55.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th. Citigroup increased their price target on shares of Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Morgan Stanley reissued an “overweight” rating and set a $37.00 price target on shares of Galaxy Digital in a research report on Wednesday. Finally, Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $39.50.

Galaxy Digital Trading Up 4.1%

Shares of GLXY stock traded up $1.15 on Monday, hitting $29.26. 997,363 shares of the company’s stock traded hands, compared to its average volume of 6,316,969. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92. The company’s fifty day simple moving average is $22.01 and its 200 day simple moving average is $25.89. The stock has a market capitalization of $11.39 billion and a price-to-earnings ratio of -60.91.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating 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 company had revenue of $7.35 billion for the quarter. During the same period in the prior year, the business posted ($0.86) EPS. Equities analysts forecast that Galaxy Digital will post -0.76 EPS for the current year.

Insider Activity at Galaxy Digital

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

Institutional Investors Weigh In On Galaxy Digital

Several institutional investors and hedge funds have recently modified their holdings of GLXY. JPMorgan Chase & Co. purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $80,000. Invesco Ltd. purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $53,233,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $116,000. First Trust Advisors LP purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $13,376,000. Finally, Cerity Partners LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $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.