Galaxy Digital (NASDAQ:GLXY) Earns “Buy” Rating from Chardan Capital

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reaffirmed by analysts at Chardan Capital in a research note issued on Wednesday,Benzinga reports. They presently have a $35.00 price objective on the stock. Chardan Capital’s price target would suggest a potential upside of 80.44% from the company’s previous close.

A number of other analysts also recently weighed in on GLXY. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Galaxy Digital in a research note on Friday, May 1st. Rosenblatt Securities lowered their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday. Citizens Jmp reaffirmed a “market outperform” rating and issued a $55.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Galaxy Digital Price Performance

GLXY traded down $2.74 during trading on Wednesday, reaching $19.40. The stock had a trading volume of 8,199,716 shares, compared to its average volume of 6,449,018. The stock has a market cap of $7.56 billion, a PE ratio of -40.53 and a beta of 5.06. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92. The business has a 50-day moving average of $27.03 and a 200-day moving average of $25.40.

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 2.30% and a negative net margin of 0.54%.The business had revenue of $8.71 billion for the quarter. During the same quarter in the previous year, the business earned $0.08 EPS. As a group, equities research analysts anticipate that Galaxy Digital will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the completion of the sale, the director owned 1,505,419 shares of the company’s stock, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Pictet Asset Management Holding SA grew its position in shares of Galaxy Digital by 184.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock worth $1,808,000 after buying an additional 52,334 shares during the last quarter. Encompass More Asset Management bought a new position in shares of Galaxy Digital during the fourth quarter valued at approximately $896,000. Capelight Capital Asset Management LP bought a new position in shares of Galaxy Digital during the fourth quarter valued at approximately $4,025,000. Finally, Riposte Capital LLC purchased a new stake in Galaxy Digital in the first quarter worth $2,952,000.

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.