Benchmark Forecasts Strong Price Appreciation for Galaxy Digital (NASDAQ:GLXY) Stock

Galaxy Digital (NASDAQ:GLXY) had its price target raised by equities researchers at Benchmark from $40.00 to $57.00 in a research report issued on Wednesday, MarketBeat reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price would suggest a potential upside of 47.67% from the company’s current price.

GLXY has been the subject of several other reports. BTIG Research raised their target price on Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. Maxim Group assumed coverage on Galaxy Digital in a report on Thursday, July 31st. They issued a “buy” rating and a $40.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Galaxy Digital in a report on Wednesday, October 8th. Rosenblatt Securities boosted their price objective on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a report on Monday. Finally, The Goldman Sachs Group boosted their price objective on Galaxy Digital from $34.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital has an average rating of “Buy” and an average price target of $44.63.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock opened at $38.60 on Wednesday. The firm’s 50-day simple moving average is $31.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. Galaxy Digital has a 1-year low of $8.20 and a 1-year high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share 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 analyst estimates of $13.11 billion.

Insider Buying and Selling

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total value of $9,443,000.00. Following the completion of the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher C. Ferraro sold 750,000 shares of Galaxy Digital stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $27,000,000.00. Following the completion of the transaction, the insider owned 687,921 shares of the company’s stock, valued at approximately $24,765,156. The trade was a 52.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,183,333 shares of company stock valued at $146,851,323 over the last 90 days.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. acquired a new position in Galaxy Digital in the second quarter valued at approximately $113,435,000. Invesco Ltd. acquired a new position in Galaxy Digital in the second quarter valued at approximately $53,233,000. Tidal Investments LLC acquired a new position in shares of Galaxy Digital during the second quarter worth approximately $48,452,000. Geode Capital Management LLC acquired a new position in shares of Galaxy Digital during the second quarter worth approximately $43,525,000. Finally, Marshall Wace LLP acquired a new position in shares of Galaxy Digital during the second quarter worth approximately $35,568,000.

About Galaxy Digital

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.