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

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

Several other equities analysts have also recently weighed in on the stock. Citigroup raised their price target on shares of Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Canaccord Genuity Group restated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. Citizens Jmp restated a “market outperform” rating and set a $60.00 price objective on shares of Galaxy Digital in a research note on Wednesday, February 4th. BTIG Research restated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Tuesday, March 10th. Finally, Wall Street Zen cut Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. One investment 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.15.

Galaxy Digital Stock Up 6.1%

Shares of GLXY traded up $1.16 during trading hours on Thursday, reaching $20.16. The stock had a trading volume of 1,387,173 shares, compared to its average volume of 6,370,010. Galaxy Digital has a 12 month low of $9.97 and a 12 month high of $45.92. The firm has a 50-day simple moving average of $21.13 and a 200 day simple moving average of $27.29. 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 market capitalization of $7.84 billion and a price-to-earnings ratio of 166.91.

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

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the purchase, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds have recently modified their holdings of the stock. ORG Partners LLC raised its holdings in shares of Galaxy Digital by 1,110.0% in the 3rd quarter. ORG Partners LLC now owns 968 shares of the company’s stock worth $36,000 after purchasing an additional 888 shares during the period. North Star Investment Management Corp. bought a new stake in shares of Galaxy Digital in the 3rd quarter worth approximately $34,000. CWM LLC raised its stake in Galaxy Digital by 20.8% in the 3rd quarter. CWM LLC now owns 1,419 shares of the company’s stock valued at $48,000 after acquiring an additional 244 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Galaxy Digital by 183.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares during the period. Finally, Picton Mahoney Asset Management raised its stake in Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares during the period.

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.