Galaxy Digital Q3 Earnings Rise 1,146%


Galaxy Digital Holdings (GLXY) posted a strong increase in earnings in the third quarter.

Galaxy Digital is an asset management firm operating in the digital asset, cryptocurrency, and blockchain technology industry. (See Insiders’ Hot Stocks on TipRanks)

Net comprehensive income rose to C$517 million in Q3 2021, an increase of 1,146% from C$41.5 million in Q3 2020. The increase was mainly due to realized and unrealized gains on digital assets and investments, along with a strong contribution from its trading business. It was partially offset by higher operating expenses.

Galaxy Digital Asset Management reported preliminary assets under management (AUM of) C$2.2 billion as of September 30, 2021, an increase of 57% over the quarter ended June 30, 2021, and an increase of 175% since the beginning of the year.

CEO Commentary

Galaxy Digital founder and CEO Michael Novogratz said, “As the cryptoeconomy continues to mature and adoption trends accelerate, driving both asset price increases and greater quantities of institutional capital into the space, I have never been more bullish about the future of our Company.”

Novogratz added that he looks forward to the company’s U.S. listing and the close of its BitGo acquisition, which is expected to occur in the first quarter of 2022.

Wall Street’s Take

On November 8, Stifel Nicolaus analyst Deepak Kaushal maintained a Buy rating on GLXY and set a price target of $43 (C$53.98). This implies 32.6% upside potential.

Overall, GLXY scores a Moderate Buy rating among Wall Street analysts based on two Buys and one Hold. The average Galaxy Digital Holdings price target of C$38.79 implies 4.7% downside potential to current levels.

Related News:
Voyager Digital Hits 1 Million Funded Accounts
Voyager Digital Integrates VGX into Coinify’s Platform
TMX Posts Double-Digit Increases in Profit, Revenue

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts