BTIG Research Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $45.00

Galaxy Digital (NASDAQ:GLXY) had its target price reduced by BTIG Research from $50.00 to $45.00 in a research report sent to investors on Wednesday morning, Marketbeat.com reports. BTIG Research currently has a buy rating on the stock.

A number of other equities analysts have also commented on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st. Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday, April 24th. Piper Sandler reduced their target price on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Finally, The Goldman Sachs Group decreased their price target on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus target price of $38.83.

Galaxy Digital Stock Up 3.2%

GLXY stock opened at $20.17 on Wednesday. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of -31.03 and a beta of 5.06. The company has a 50-day moving average of $26.41 and a two-hundred day moving average of $25.17. Galaxy Digital has a 52-week low of $16.43 and a 52-week high of $45.92. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.10%. The business had revenue of $8.71 billion for the quarter. During the same period last year, the firm posted $0.08 EPS. As a group, equities research analysts anticipate that Galaxy Digital will post -0.35 EPS for the current year.

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 51.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Capital Research Global Investors acquired a new position in shares of Galaxy Digital during the 4th quarter worth about $406,102,000. Vanguard Group Inc. lifted its stake in Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Invesco Ltd. acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital during the second quarter worth about $48,452,000. Finally, Norges Bank bought a new position in Galaxy Digital during the fourth quarter worth about $32,045,000.

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.