BRPHF - Canaccord Genuity Reaffirms 'Buy' Rating For Galaxy Digital Holdings With CA$17.00 Target | Benzinga
Canaccord Genuity has reaffirmed its “Buy” rating on Galaxy Digital Holdings (OTC:BRPHF), maintaining its price target at CA$17.00.
This decision follows Galaxy Digital’s performance in the first quarter of 2024, showcasing significant growth across its various business segments.
Strong Q1 Performance
Galaxy Digital reported a robust first quarter, with total net income increasing by 40% quarter-over-quarter to $422 million.
This performance was driven by net realized gains on digital assets and substantial growth in fee revenue, lending, and staking income.
The company’s equity capital and book value per share rose by 22% and 25%, respectively, to $2.2 billion and CA$9.11 by the end of the quarter.
Market And Trading Insights
The trading segment of Galaxy Digital demonstrated solid growth, with the number of trading counterparties increasing from 1,052 in Q4 2023 to 1,161 in Q1 2024.
Trading revenue surged 79% sequentially to $66 million. The segment also saw an increase in the average loan book size to $664 million.
Galaxy’s futures trading volume was notable, and the company ...