Piper Sandler Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $36.00

Galaxy Digital (NASDAQ:GLXY) had its target price lowered by investment analysts at Piper Sandler from $42.00 to $36.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 34.33% from the company’s current price.

Other equities analysts have also issued reports about the stock. Morgan Stanley reduced their target price on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. The Goldman Sachs Group dropped their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. BTIG Research reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research note on Tuesday, April 14th. Weiss Ratings downgraded shares of Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.31.

Galaxy Digital Price Performance

Shares of GLXY stock opened at $26.80 on Tuesday. Galaxy Digital has a 1 year low of $10.75 and a 1 year high of $45.92. The firm’s 50 day moving average is $21.24 and its 200-day moving average is $26.68. The firm has a market capitalization of $10.43 billion and a price-to-earnings ratio of 223.33. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results 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 analyst estimates of $13.08 billion. Sell-side analysts forecast that Galaxy Digital will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Several large investors have recently bought and sold shares of the company. RFG Advisory LLC increased its stake in Galaxy Digital by 2.7% in the first quarter. RFG Advisory LLC now owns 45,933 shares of the company’s stock valued at $847,000 after purchasing an additional 1,205 shares in the last quarter. OP Asset Management Ltd bought a new stake in Galaxy Digital in the first quarter valued at approximately $940,000. Faithward Advisors LLC increased its stake in Galaxy Digital by 7.1% in the first quarter. Faithward Advisors LLC now owns 58,517 shares of the company’s stock valued at $1,080,000 after purchasing an additional 3,896 shares in the last quarter. SG Americas Securities LLC increased its stake in Galaxy Digital by 78.9% in the first quarter. SG Americas Securities LLC now owns 451,875 shares of the company’s stock valued at $8,337,000 after purchasing an additional 199,317 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Galaxy Digital in the fourth quarter valued at approximately $958,000.

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.