Galaxy Digital (NASDAQ:GLXY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Galaxy Digital (NASDAQ:GLXY) had its price objective upped by stock analysts at Canaccord Genuity Group from $34.00 to $50.00 in a research note issued on Wednesday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 29.53% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Maxim Group initiated coverage on Galaxy Digital in a report on Thursday, July 31st. They issued a “buy” rating and a $40.00 price target for the company. Piper Sandler upped their price target on Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. The Goldman Sachs Group upped their price target on Galaxy Digital from $34.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. BTIG Research upped their price target on Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Wall Street Zen raised Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $44.63.

Galaxy Digital Stock Performance

Shares of GLXY opened at $38.60 on Wednesday. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average of $31.81.

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

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the transaction, the chief operating officer owned 198,088 shares of the company’s stock, valued at $5,344,414.24. This represents a 63.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Novogratz sold 3,000,000 shares of the 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 $108,000,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,183,333 shares of company stock valued at $146,851,323.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently made changes to their positions in GLXY. Harbour Capital Advisors LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $349,000. AdvisorNet Financial Inc acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $125,000. SJS Investment Consulting Inc. acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $77,000. Accurate Wealth Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $79,000.

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.