Galaxy Digital Inc. (NASDAQ:GLXY) Receives $44.63 Average PT from Brokerages

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have been given an average recommendation of “Buy” by the eleven analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $44.6250.

GLXY has been the topic of several recent research reports. Wall Street Zen raised Galaxy Digital from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Piper Sandler lifted their target price on Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Maxim Group assumed coverage on shares of Galaxy Digital in a research report on Thursday, July 31st. They set a “buy” rating and a $40.00 target price for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Galaxy Digital from $34.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th.

Galaxy Digital Stock Performance

Shares of GLXY opened at $31.17 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a 50 day simple moving average of $33.59. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92. The stock has a market cap of $11.73 billion and a PE ratio of 25.98.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.14. The business had revenue of $8.66 billion for the quarter, compared to analysts’ expectations of $13.11 billion.

Insiders Place Their Bets

In related news, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $29.83, for a total transaction of $994,323.39. Following the transaction, the director directly owned 112,053 shares of the company’s stock, valued at $3,342,540.99. This represents a 22.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $108,000,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,833,333 shares of company stock valued at $137,408,323 in the last 90 days.

Institutional Trading of Galaxy Digital

Several large investors have recently bought and sold shares of GLXY. Balyasny Asset Management L.P. acquired a new position in Galaxy Digital during the 2nd quarter valued at approximately $113,435,000. Invesco Ltd. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at $53,233,000. Tidal Investments LLC purchased a new position in Galaxy Digital in the 2nd quarter worth $48,452,000. Geode Capital Management LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth about $43,525,000. Finally, Marshall Wace LLP purchased a new stake in Galaxy Digital during the 2nd quarter valued at about $35,568,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.