Galaxy Digital Holdings Ltd. (GLXY) saw its stock price surge 5.74% during intraday trading on Thursday. The significant upward movement was driven by a dual catalyst of better-than-expected first-quarter financial results and positive actions from investment banks.
The company reported a Q1 adjusted loss per share of $0.49, which significantly outperformed the consensus analyst estimate of a $0.95 loss, representing a beat of approximately 48.42%. Quarterly revenue came in at $10.041 billion, also surpassing expectations of $9.544 billion. The stock also advanced on positive momentum in its AI infrastructure business, including the delivery of its first data hall to CoreWeave.
On the analyst front, the rally was further supported by bullish coverage. Chardan Capital Markets initiated coverage on Galaxy Digital with a Buy rating and a $35 price target. Concurrently, Morgan Stanley raised its price target on the stock from $36 to $37 while maintaining an Overweight rating. The current Wall Street consensus stands at a Moderate Buy with an average price target of $39.4, implying substantial potential upside from recent trading levels.
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