Galaxy Digital stock price target raised to $57 by Benchmark on strong trading

Investing.com - Benchmark raised its price target on Galaxy Digital (NASDAQ:GLXY) to $57.00 from $40.00 while maintaining a Buy rating following the company’s third-quarter results. The stock has demonstrated remarkable momentum, with a 172% return over the past year and 111% year-to-date, despite a recent 10% pullback last week. InvestingPro data reveals 10+ additional key insights about Galaxy Digital’s performance metrics.

Galaxy Digital reported its strongest-ever quarter for digital asset trading operations in the results posted Tuesday, demonstrating its position as a leading facilitator for institutional crypto adoption.

While recent investor attention has focused on Galaxy’s expansion into artificial intelligence and high-performance computing through its Helios data center campus in Texas, the latest results highlighted the strength of its core cryptocurrency business.

The company has been transforming its bitcoin-mining complex into a multi-gigawatt hub designed for demanding compute workloads, attracting increased investor and analyst interest as AI and high-performance computing growth accelerates.

Benchmark analyst Mark Palmer noted that Galaxy Digital is "remarkably well positioned" to serve institutional investors entering the cryptocurrency space, calling this platform "worthy of plenty of buzz in its own right."

In other recent news, Galaxy Digital reported impressive financial results for the third quarter, marking its best performance to date. The company achieved gross revenue of $29.2 billion, significantly surpassing both Jefferies’ estimate of $22.8 billion and the Street consensus of $17.2 billion. This strong performance was largely attributed to a 140% increase in digital asset trading, highlighted by a substantial $9 billion Bitcoin trade. Additionally, Galaxy Digital saw significant increases in net income and adjusted EBITDA during this period. Jefferies has reiterated its Buy rating for the company, maintaining a price target of $45, following the robust quarterly results. Investors have shown confidence in Galaxy Digital’s financial health and strategic initiatives. These developments underline the company’s solid position in the market.

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