Galaxy Digital (NASDAQ:GLXY) Stock Price Target Cut by Morgan Stanley

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

A number of other equities research analysts have also recently issued reports on GLXY. HC Wainwright decreased their price target on shares of Galaxy Digital from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. The Goldman Sachs Group set a $20.50 price target on Galaxy Digital in a report on Tuesday, October 27th. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a research note on Wednesday, October 28th. Rosenblatt Securities lowered their price objective on shares of Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a research report on Tuesday, October 27th. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Galaxy Digital currently has an average rating of “Moderate Buy” and an average price target of $33.96.

Galaxy Digital Stock Up 5.2%

Shares of NASDAQ GLXY traded up $0.71 during mid-day trading on Monday, reaching $14.37. 3,001,473 shares of the company traded hands, compared to its average volume of 6,554,713. The stock has a market cap of $5.62 billion, a PE ratio of -14.38 and a beta of 5.38. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The company’s fifty day moving average is $20.86 and its two-hundred day moving average is $23.81. Galaxy Digital has a fifty-two week low of $11.78 and a fifty-two week high of $36.10.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly 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 return on equity of 10.30% and a negative net margin of 0.89%. The company had revenue of $8.69 billion for the quarter. On average, analysts expect that Galaxy Digital will post -0.07 earnings per share for the current year.

Insider Transactions at Galaxy Digital

In other news, insider Matthew Friedrich sold 4,993 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total transaction of $134,960.79. Following the sale, the insider owned 275,782 shares of the company’s stock, valued at approximately $7,454,387.46. This trade represents a 1.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason acquired 12,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the transaction, the director owned 71,000 shares of the company’s stock, valued at $1,529,340. This trade represents a 20.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. Triumph Capital Management lifted its holdings in shares of Galaxy Digital by 13.2% during the 2nd quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock worth $134,000 after acquiring an additional 572 shares during the period. Private Advisor Group LLC increased its stake in Galaxy Digital by 6.9% in the first quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock valued at $186,000 after acquiring an additional 655 shares during the period. Commonwealth Equity Services LLC raised its position in Galaxy Digital by 2.5% in the third quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock worth $717,000 after purchasing an additional 767 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Galaxy Digital by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company’s stock worth $546,000 after purchasing an additional 994 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Galaxy Digital in the second quarter worth about $30,000.

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.