Cantor Fitzgerald Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $30.00

Galaxy Digital (NASDAQ:GLXY) had its target price lowered by Cantor Fitzgerald from $48.00 to $30.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 48.81% from the stock’s previous close.

Several other research analysts have also recently weighed in on GLXY. The Goldman Sachs Group lowered their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday. BTIG Research reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Tuesday, March 10th. Wall Street Zen cut Galaxy Digital from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Citigroup increased their price objective on Galaxy Digital from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 18th. Finally, Weiss Ratings cut shares of Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus price target of $41.15.

Galaxy Digital Stock Up 6.1%

Shares of Galaxy Digital stock traded up $1.16 on Thursday, reaching $20.16. 1,387,173 shares of the company were exchanged, compared to its average volume of 6,370,010. Galaxy Digital has a one year low of $9.97 and a one year high of $45.92. The company has a market capitalization of $7.84 billion and a price-to-earnings ratio of 166.91. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average of $21.13 and a 200 day moving average of $27.29.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The company had revenue of $10.22 billion for the quarter, compared to the consensus estimate of $13.08 billion.

Insider Transactions at Galaxy Digital

In other news, Director Douglas R. Deason acquired 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director directly owned 59,000 shares of the company’s stock, valued at $1,227,200. The trade was a 73.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its position in Galaxy Digital by 173.8% during the fourth quarter. SG Americas Securities LLC now owns 252,558 shares of the company’s stock valued at $5,647,000 after acquiring an additional 160,305 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Galaxy Digital by 15.5% during the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after buying an additional 2,179,540 shares in the last quarter. Rovida Investment Management Ltd boosted its holdings in shares of Galaxy Digital by 21.2% during the 3rd quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company’s stock worth $62,890,000 after buying an additional 325,000 shares in the last quarter. Soros Fund Management LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $6,807,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Galaxy Digital during the 3rd quarter worth approximately $9,128,000.

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.