Galaxy Digital Inc. (NASDAQ:GLXY) Given Average Rating of “Moderate Buy” by Brokerages

Galaxy Digital Inc. (NASDAQ:GLXY) has earned an average recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $39.5833.

GLXY has been the topic of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $37.00 price objective on shares of Galaxy Digital in a report on Wednesday, April 29th. Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a report on Monday, May 4th. Piper Sandler cut their target price on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Galaxy Digital in a report on Friday, May 1st.

Galaxy Digital Stock Performance

GLXY opened at $21.52 on Friday. The firm has a fifty day moving average price of $27.47 and a 200 day moving average price of $25.51. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. The stock has a market cap of $8.39 billion, a P/E ratio of -44.83 and a beta of 4.84.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The firm had revenue of $10.21 billion for the quarter. During the same quarter last year, the business earned ($0.86) earnings per share. Equities research analysts anticipate that Galaxy Digital will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the completion of the transaction, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 51.53% of the stock is owned by company insiders.

Institutional Trading of Galaxy Digital

Several hedge funds have recently made changes to their positions in GLXY. Capital Research Global Investors acquired a new stake in Galaxy Digital during the 4th quarter worth approximately $406,102,000. Vanguard Group Inc. lifted its holdings in Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after buying an additional 4,463,782 shares during the last quarter. Invesco Ltd. purchased a new stake in Galaxy Digital during the second quarter worth approximately $53,233,000. Tidal Investments LLC purchased a new stake in shares of Galaxy Digital during the 2nd quarter worth approximately $48,452,000. Finally, Norges Bank purchased a new stake in Galaxy Digital in the fourth quarter valued at $32,045,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.