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

Galaxy Digital Inc. (NASDAQ:GLXY) has earned an average rating of “Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $46.00.

GLXY has been the topic of a number of recent research reports. JMP Securities set a $60.00 price target on shares of Galaxy Digital in a report on Tuesday, December 9th. Citigroup initiated coverage on Galaxy Digital in a research report on Tuesday, December 9th. They set an “outperform” rating for the company. BTIG Research lifted their target price on Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Rosenblatt Securities upped their price target on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th.

Insiders Place Their Bets

In other news, Director Douglas R. Deason purchased 10,000 shares of the stock in a transaction on Friday, November 7th. The stock was purchased at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the acquisition, the director owned 10,000 shares in the company, valued at $295,900. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors have recently modified their holdings of the company. Balyasny Asset Management L.P. bought a new position in Galaxy Digital during the second quarter worth $113,435,000. Invesco Ltd. acquired a new stake in Galaxy Digital during the 2nd quarter worth about $53,233,000. Tidal Investments LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth about $48,452,000. Vanguard Group Inc. raised its position in shares of Galaxy Digital by 15.5% in the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after acquiring an additional 2,179,540 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at about $43,525,000.

Galaxy Digital Stock Down 2.2%

NASDAQ:GLXY opened at $24.94 on Monday. Galaxy Digital has a one year low of $8.20 and a one year high of $45.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market cap of $9.74 billion and a PE ratio of 20.78. The firm’s 50 day simple moving average is $26.31 and its 200 day simple moving average is $28.47.

Galaxy Digital Company Profile

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.