Brokerages Set Galaxy Digital Inc. (NASDAQ:GLXY) Target Price at $35.63

Galaxy Digital Inc. (NASDAQ:GLXY) has earned an average recommendation of “Buy” from the ten ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $35.6250.

A number of research firms have recently weighed in on GLXY. Wall Street Zen upgraded shares of Galaxy Digital from a “sell” rating to a “hold” rating in a research note on Saturday. Jefferies Financial Group began coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They issued a “buy” rating and a $35.00 price target on the stock. The Goldman Sachs Group began coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They issued a “neutral” rating and a $30.00 price target on the stock. Canaccord Genuity Group raised their price target on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, HC Wainwright upgraded shares of Galaxy Digital to a “strong-buy” rating in a research note on Friday, May 16th.

Insiders Place Their Bets

In related news, General Counsel Andrew N. Siegel sold 223,169 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $4,039,358.90. Following the completion of the transaction, the general counsel owned 479,896 shares in the company, valued at $8,686,117.60. This trade represents a 31.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Erin Elizabeth Brown sold 353,956 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction of $6,406,603.60. Following the transaction, the chief operating officer owned 198,088 shares of the company’s stock, valued at approximately $3,585,392.80. The trade was a 64.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,068,671 shares of company stock worth $186,216,900 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. CWM LLC bought a new position in Galaxy Digital during the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC bought a new position in Galaxy Digital during the 2nd quarter worth approximately $32,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital during the 2nd quarter worth approximately $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the 2nd quarter worth approximately $34,000. Finally, TD Waterhouse Canada Inc. bought a new position in Galaxy Digital during the 2nd quarter worth approximately $37,000.

Galaxy Digital Trading Down 8.7%

Shares of Galaxy Digital stock opened at $26.09 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $33.17. The business’s 50-day moving average price is $23.81.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The company had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

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.