TLDR
- Galaxy Digital (GLXY) fell more than 2% Tuesday morning after Citi upgraded it to Buy from Neutral.
- GLXY closed at $19.87 before the call and opened at $19.71 on Wednesday.
- Citi raised its price target to $28 from $26, about 41% above the prior close.
- Citi cited better Helios I economics and a possible Helios II tenant announcement within six months.
- Eleven of 14 analysts rate the stock a buy, with an average target of $39.33.
Galaxy Digital (GLXY) stock slipped more than 2% in Tuesday morning trading, even after Citi upgraded it to Buy. The stock closed at $19.87 the session before and opened at $19.71 on Wednesday.
Citi moved its rating up from Neutral and raised its price target to $28 from $26. That target sits about 41% above the prior close.
Analyst Peter Christiansen said Helios I data center economics are coming in better than expected. “Now, we think the risk/reward is attractive,” he said.
He also flagged a possible Helios II tenant announcement within six months. A signed tenant would give investors a clearer look at future earnings.
Traders did not rush in. The stock moved lower as investors weighed the call ahead of third-quarter results.
Where Other Analysts Stand
MarketBeat data shows 11 of 14 analysts rate GLXY a buy, while three say hold. The average 12-month target is $39.33.
Piper Sandler trimmed its target to $33 from $36 and kept an overweight rating. Morgan Stanley cut its target to $43 from $48, also with an overweight rating.
Chardan Capital reaffirmed its buy rating with a $35 target. Zacks Research lifted the stock to hold from strong sell in September.
The Numbers Behind the Stock
GLXY has traded between $16.43 and $45.92 over the past year. Its market cap is $7.70 billion.
The stock sits below its 50-day average of $23.03 and its 200-day average of $25.07. With a beta of 5.11, big swings come with the territory.
Galaxy last reported on August 5, posting a loss of $0.09 per share against an expected loss of $0.36. Revenue came in at $8.71 billion.
Director Douglas Deason bought $258,480 of stock on August 12 at $21.54. Insider Matthew Friedrich sold $134,961 of stock on September 9 at $27.03 under a pre-arranged plan, and insiders own 51.53% of the company.
Citi made several crypto calls the same day. It raised its Coinbase (COIN) target to $230 from $210 and kept a Buy rating, about 28% above the $180.39 close.
Citi lifted Gemini (GEMI) to Neutral from Sell and raised its target to $4.75 from $3.20. It also cut Securitize (SECZ) to Neutral from Buy.
Citi earlier raised its Strategy (MSTR) target to $240 from $136 as Bitcoin moved back above $86,000. Third-quarter results from crypto firms start in the coming weeks, and GLXY opened Wednesday at $19.71.
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