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

Galaxy Digital Inc. (NASDAQ:GLXY) has been assigned an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $38.6667.

A number of analysts have recently issued reports on GLXY shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Galaxy Digital in a report on Friday, May 1st. Citigroup cut their price target on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 19th. Morgan Stanley restated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Weiss Ratings cut Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Finally, Piper Sandler decreased their price objective on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 17th.

Galaxy Digital Stock Performance

GLXY opened at $22.84 on Tuesday. The business’s 50-day moving average price is $24.45 and its two-hundred day moving average price is $24.45. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of -35.14 and a beta of 5.06. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same quarter last year, the firm earned $0.08 earnings per share. Equities analysts expect that Galaxy Digital will post -0.82 EPS for the current fiscal year.

Insider Activity at Galaxy Digital

In related news, Director Douglas R. Deason purchased 12,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average cost of $21.54 per share, with a total value of $258,480.00. Following the completion of the transaction, the director owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. This trade represents a 20.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven John Bandrowczak purchased 5,100 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was bought at an average price of $19.63 per share, with a total value of $100,113.00. Following the completion of the purchase, the director owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. This represents a 14.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. acquired a new position in Galaxy Digital during the second quarter worth $80,000. Invesco Ltd. acquired a new stake in Galaxy Digital in the second quarter valued at $53,233,000. EverSource Wealth Advisors LLC acquired a new stake in Galaxy Digital in the second quarter valued at $116,000. First Trust Advisors LP bought a new position in shares of Galaxy Digital in the 2nd quarter valued at about $13,376,000. Finally, Cerity Partners LLC bought a new position in shares of Galaxy Digital in the 2nd quarter valued at about $219,000.

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.