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

Galaxy Digital (NASDAQ:GLXY) had its price objective cut by Piper Sandler from $42.00 to $36.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 34.33% from the stock’s current price.

Several other equities research analysts also recently issued reports on GLXY. Citizens Jmp lowered their price objective on shares of Galaxy Digital from $60.00 to $55.00 and set a “market outperform” rating for the company in a research report on Friday, April 10th. Morgan Stanley reduced their target price on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. The Goldman Sachs Group reduced their target price on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Rosenblatt Securities restated a “buy” rating and set a $46.00 target price on shares of Galaxy Digital in a report on Friday, January 30th. Finally, Wall Street Zen cut shares of Galaxy Digital from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.31.

Galaxy Digital Stock Up 3.7%

Shares of GLXY stock opened at $26.80 on Tuesday. The firm has a fifty day moving average of $21.24 and a 200-day moving average of $26.68. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80. Galaxy Digital has a 12-month low of $10.75 and a 12-month high of $45.92. The company has a market capitalization of $10.43 billion and a price-to-earnings ratio of 223.33.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate 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. As a group, equities research analysts predict that Galaxy Digital will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Galaxy Digital

Large investors have recently added to or reduced their stakes in the company. ORG Partners LLC lifted its stake in Galaxy Digital by 1,110.0% in the third quarter. ORG Partners LLC now owns 968 shares of the company’s stock valued at $36,000 after acquiring an additional 888 shares during the last quarter. North Star Investment Management Corp. acquired a new stake in Galaxy Digital in the third quarter valued at $34,000. CWM LLC lifted its stake in Galaxy Digital by 20.8% in the third 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 last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Galaxy Digital by 183.4% in the fourth 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 last quarter. Finally, Picton Mahoney Asset Management lifted its stake in Galaxy Digital by 200.0% in the fourth 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 last quarter.

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.