Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Time to Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped up prior to trading on Friday . The stock had previously closed at $20.63, but opened at $21.61. Galaxy Digital shares last traded at $22.18, with a volume of 1,130,950 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLXY. The Goldman Sachs Group lowered their price target on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. Morgan Stanley cut their price objective on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Cantor Fitzgerald reduced their target price on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Friday, January 30th. Finally, Citigroup began coverage on shares of Galaxy Digital in a research note on Wednesday, February 25th. They issued a “neutral” rating and a $25.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The company has a market capitalization of $8.73 billion and a price-to-earnings ratio of 186.25. The firm has a 50-day simple moving average of $24.67 and a two-hundred day simple moving average of $28.21.

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

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of Galaxy Digital stock in a transaction on Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the acquisition, the director directly owned 59,000 shares in the company, valued at $1,227,200. This represents a 73.53% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Capital Research Global Investors purchased a new position in Galaxy Digital in the fourth quarter valued at $406,102,000. Balyasny Asset Management L.P. acquired a new position in Galaxy Digital during the 2nd quarter worth $113,435,000. Invesco Ltd. increased its holdings in Galaxy Digital by 31.1% during the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after purchasing an additional 731,215 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Galaxy Digital by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after purchasing an additional 279,818 shares during the period.

About Galaxy Digital

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.