Morgan Stanley Issues Pessimistic Forecast for Galaxy Digital (NASDAQ:GLXY) Stock Price

Galaxy Digital (NASDAQ:GLXY) had its target price cut by stock analysts at Morgan Stanley from $43.00 to $27.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley‘s price target indicates a potential upside of 87.88% from the company’s previous close.

Several other brokerages also recently issued reports on GLXY. Citigroup raised shares of Galaxy Digital from a “neutral” rating to a “buy” rating and lifted their price target for the company from $26.00 to $28.00 in a report on Tuesday, October 13th. 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 research note on Tuesday, October 20th. Zacks Research raised shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. The Goldman Sachs Group set a $20.50 price objective on shares of Galaxy Digital in a report on Tuesday, October 27th. Finally, Rosenblatt Securities cut their target price on shares of Galaxy Digital from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, October 26th. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.96.

Galaxy Digital Price Performance

Galaxy Digital stock traded up $0.71 during mid-day trading on Monday, hitting $14.37. 3,001,473 shares of the company were exchanged, compared to its average volume of 6,554,713. The company has a market capitalization of $5.62 billion, a PE ratio of -14.38 and a beta of 5.38. The business has a fifty day moving average of $20.86 and a 200 day moving average of $23.81. Galaxy Digital has a 1-year low of $11.78 and a 1-year high of $36.10. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The company had revenue of $8.69 billion for the quarter. As a group, sell-side analysts expect that Galaxy Digital will post -0.07 earnings per share for the current year.

Insider Activity at Galaxy Digital

In related news, Director Douglas Deason acquired 12,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were purchased at an average price of $21.54 per share, with a total value of $258,480.00. Following the acquisition, the director directly owned 71,000 shares in the company, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Novogratz acquired 760,000 shares of the stock in a transaction on Thursday, November 5th. The stock was bought at an average price of $12.98 per share, with a total value of $9,864,800.00. Following the transaction, the chief executive officer directly owned 760,000 shares in the company, valued at approximately $9,864,800. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is currently owned by insiders.

Institutional Trading of Galaxy Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Phoenix Financial Ltd. boosted its position in Galaxy Digital by 17.8% in the 3rd quarter. Phoenix Financial Ltd. now owns 10,200 shares of the company’s stock valued at $233,000 after buying an additional 1,541 shares during the last quarter. New York Life Investment Management LLC bought a new stake in shares of Galaxy Digital during the third quarter worth $656,000. Fulcrum Asset Management LLP bought a new stake in shares of Galaxy Digital during the third quarter worth $1,803,000. Commonwealth Equity Services LLC lifted its stake in shares of Galaxy Digital by 2.5% during the third quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock valued at $717,000 after acquiring an additional 767 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Galaxy Digital during the third quarter valued at $37,000.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations.

Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.

Galaxy has expanded its operations over time from digital asset investing and financial services into infrastructure supporting blockchain and high-performance computing.