BTIG Research Reiterates Buy Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reissued by equities researchers at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $50.00 price objective on the stock. BTIG Research’s price objective would indicate a potential upside of 132.99% from the company’s current price.

GLXY has been the subject of a number of other research reports. The Goldman Sachs Group reduced their target price on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, February 4th. Citigroup assumed coverage on Galaxy Digital in a report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price target on the stock. Wall Street Zen downgraded Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings lowered Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, HC Wainwright lowered their target price on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.54.

Galaxy Digital Price Performance

GLXY stock opened at $21.46 on Tuesday. Galaxy Digital has a one year low of $8.20 and a one year high of $45.92. The firm has a 50-day moving average of $24.76 and a two-hundred day moving average of $28.26. The firm has a market capitalization of $8.38 billion and a PE ratio of 178.83. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $13.08 billion.

Insider Transactions at Galaxy Digital

In other news, Director Douglas R. Deason acquired 25,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the transaction, the director owned 59,000 shares in the company, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Galaxy Digital by 8,070.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock valued at $924,000 after buying an additional 40,834 shares during the last quarter. Virtu Financial LLC acquired a new position in Galaxy Digital in the fourth quarter worth approximately $1,181,000. Mcguire Capital Advisors Inc. acquired a new position in Galaxy Digital in the fourth quarter worth approximately $154,000. Invesco Ltd. raised its position in Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after acquiring an additional 731,215 shares in the last quarter. Finally, Feynman Point Asset Management LLC acquired a new stake in Galaxy Digital in the fourth quarter valued at approximately $1,029,000.

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.