Galaxy Digital (NASDAQ:GLXY) Receives “Buy” Rating from BTIG Research

BTIG Research reiterated their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a research report released on Tuesday morning,Benzinga reports. BTIG Research currently has a $50.00 price objective on the stock.

A number of other research firms have also weighed in on GLXY. Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. Rosenblatt Securities reiterated a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. The Goldman Sachs Group dropped their target price on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Citigroup raised their target price on Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Finally, HC Wainwright dropped their target price on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.77.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $23.72 on Tuesday. The stock has a 50-day simple moving average of $20.78 and a two-hundred day simple moving average of $26.95. The firm has a market capitalization of $9.23 billion and a P/E ratio of 197.67. Galaxy Digital has a fifty-two week low of $10.75 and a fifty-two week high of $45.92. 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 (NASDAQ:GLXY) last released its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating 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 Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the transaction, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. The trade was a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

A number of institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC acquired a new stake in shares of Galaxy Digital during the 4th quarter valued at about $958,000. Caitong International Asset Management Co. Ltd boosted its holdings in Galaxy Digital by 8,070.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock worth $924,000 after buying an additional 40,834 shares during the last quarter. Virtu Financial LLC acquired a new stake in Galaxy Digital in the 4th quarter worth about $1,181,000. Mcguire Capital Advisors Inc. acquired a new stake in Galaxy Digital in the 4th quarter worth about $154,000. Finally, Invesco Ltd. boosted its holdings in Galaxy Digital by 31.1% in the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after buying an additional 731,215 shares during the last quarter.

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.