Galaxy Digital (NASDAQ:GLXY) Receives Buy Rating from BTIG Research

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reiterated by stock analysts at BTIG Research in a report released on Thursday,Benzinga reports. They presently have a $50.00 price target on the stock. BTIG Research’s price objective would indicate a potential upside of 80.05% from the company’s current price.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group reduced their target price on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 8th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday, April 24th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $55.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Wall Street Zen raised Galaxy Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, 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. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Galaxy Digital Price Performance

GLXY stock opened at $27.77 on Thursday. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The stock’s 50 day moving average price is $24.01 and its 200 day moving average price is $25.14. The firm has a market cap of $10.83 billion and a P/E ratio of -57.85.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The firm had revenue of $10.21 billion for the quarter. During the same period in the previous year, the company posted ($0.86) EPS. On average, sell-side analysts expect that Galaxy Digital will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its stake 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 worth $32,000 after purchasing an additional 928 shares during the period. Picton Mahoney Asset Management raised its position in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after buying an additional 1,000 shares during the period. Danske Bank A S purchased a new position in shares of Galaxy Digital in the 4th quarter worth $36,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Galaxy Digital in the 4th quarter worth $46,000. Finally, Hollencrest Capital Management raised its position in shares of Galaxy Digital by 204.0% in the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after buying an additional 1,734 shares during the period.

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.