Canaccord Genuity Group Reiterates “Buy” Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $50.00 price target on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 76.93% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Rosenblatt Securities increased their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Citizens Jmp initiated coverage on Galaxy Digital in a report on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Benchmark raised their price objective on shares of Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Finally, Morgan Stanley started coverage on shares of Galaxy Digital in a research note on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $46.27.

Galaxy Digital Stock Performance

NASDAQ:GLXY opened at $28.26 on Friday. The company has a market capitalization of $11.04 billion and a PE ratio of 23.55. The company has a 50 day simple moving average of $26.95 and a two-hundred day simple moving average of $29.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92.

Insider Activity at Galaxy Digital

In related news, Director Douglas R. Deason purchased 10,000 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average cost of $29.59 per share, with a total value of $295,900.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at $295,900. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Galaxy Digital

Institutional investors and hedge funds have recently made changes to their positions in the company. Balyasny Asset Management L.P. bought a new position in shares of Galaxy Digital during the second quarter valued at about $113,435,000. Vanguard Group Inc. increased its stake in Galaxy Digital by 27.5% in 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 during the last quarter. Invesco Ltd. bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $53,233,000. Tidal Investments LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter worth approximately $48,452,000. Finally, Geode Capital Management LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $43,525,000.

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.