The Goldman Sachs Group Has Lowered Expectations for Galaxy Digital (NASDAQ:GLXY) Stock Price

Galaxy Digital (NASDAQ:GLXY) had its price target cut by equities research analysts at The Goldman Sachs Group from $24.00 to $21.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential downside of 0.71% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald decreased their price target on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, February 2nd. Morgan Stanley dropped their price objective on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. HC Wainwright reduced their price objective on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, February 4th. Citizens Jmp reissued a “market outperform” rating and issued a $60.00 target price on shares of Galaxy Digital in a research report on Wednesday, February 4th. Finally, Citigroup boosted their price objective on Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $41.15.

Galaxy Digital Price Performance

Shares of NASDAQ:GLXY opened at $21.15 on Wednesday. The company has a market capitalization of $8.23 billion and a P/E ratio of 176.25. The company’s 50-day moving average is $20.96 and its 200 day moving average is $27.25. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. Galaxy Digital has a fifty-two week low of $9.97 and a fifty-two week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The company had revenue of $10.22 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction on Wednesday, February 4th. The shares were purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director directly owned 59,000 shares in the company, valued at approximately $1,227,200. The trade was a 73.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

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

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.