Galaxy Digital (NASDAQ:GLXY) Price Target Cut to $30.00 by Analysts at Rosenblatt Securities

Galaxy Digital (NASDAQ:GLXY) had its price target cut by equities researchers at Rosenblatt Securities from $35.00 to $30.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities‘s price target indicates a potential upside of 104.36% from the stock’s previous close.

GLXY has been the topic of several other research reports. Citigroup upgraded Galaxy Digital from a “neutral” rating to a “buy” rating and increased their target price for the stock from $26.00 to $28.00 in a report on Tuesday, October 13th. BTIG Research cut their price target on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Weiss Ratings cut Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Chardan Capital reiterated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Wednesday, August 5th. Finally, Piper Sandler decreased their price objective on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

Galaxy Digital Price Performance

NASDAQ GLXY opened at $14.68 on Monday. The firm has a market cap of $5.74 billion, a PE ratio of -22.58 and a beta of 5.11. Galaxy Digital has a one year low of $14.57 and a one year high of $41.47. The stock’s 50 day simple moving average is $22.40 and its 200 day simple moving average is $24.97. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%. The firm had revenue of $8.71 billion during the quarter. During the same period in the prior year, the business earned $0.08 earnings per share. As a group, sell-side analysts forecast that Galaxy Digital will post -0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Douglas R. Deason bought 12,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was bought at an average cost of $21.54 per share, with a total value of $258,480.00. Following the purchase, the director owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. This represents a 20.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew W. Friedrich sold 4,993 shares of Galaxy Digital stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the sale, the insider directly owned 275,782 shares of the company’s stock, valued at $7,454,387.46. This trade represents a 1.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Large investors have recently made changes to their positions in the company. Triumph Capital Management grew its holdings in Galaxy Digital by 13.2% during the second quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock valued at $134,000 after purchasing an additional 572 shares during the period. Private Advisor Group LLC increased its stake in Galaxy Digital by 6.9% in the first quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock valued at $186,000 after purchasing an additional 655 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Galaxy Digital by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company’s stock worth $546,000 after purchasing an additional 994 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in Galaxy Digital in the second quarter worth $30,000. Finally, RFG Advisory LLC raised its holdings in Galaxy Digital by 2.7% in the first quarter. RFG Advisory LLC now owns 45,933 shares of the company’s stock worth $847,000 after purchasing an additional 1,205 shares during the period.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.