Citigroup Begins Coverage on Galaxy Digital (NASDAQ:GLXY)

Equities research analysts at Citigroup started coverage on shares of Galaxy Digital (NASDAQ:GLXY) in a report issued on Wednesday,Benzinga reports. The firm set a “neutral” rating and a $25.00 price target on the stock. Citigroup’s target price suggests a potential upside of 13.95% from the company’s previous close.

Several other brokerages also recently issued reports on GLXY. Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. The Goldman Sachs Group reduced their price target on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, February 4th. BTIG Research reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Tuesday, February 3rd. Finally, Cantor Fitzgerald dropped their target price on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Price Performance

NASDAQ:GLXY opened at $21.94 on Wednesday. The company has a market cap of $8.57 billion and a P/E ratio of 182.83. The firm’s fifty day moving average price is $25.12 and its two-hundred day moving average price is $28.54. Galaxy Digital has a one year low of $8.20 and a one year high of $45.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results 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 $10.37 billion for the quarter, compared to analyst estimates of $13.08 billion.

Insider Buying and Selling

In related news, Director Douglas R. Deason bought 25,000 shares of the company’s stock in a transaction dated 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 acquisition, the director owned 59,000 shares of the company’s stock, valued at $1,227,200. The trade was a 73.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently added to or reduced their stakes in GLXY. Rovida Advisors Inc. bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $33,612,000. Seven Grand Managers LLC acquired a new position in Galaxy Digital in the second quarter valued at approximately $27,375,000. SG Americas Securities LLC bought a new position in shares of Galaxy Digital during the 3rd quarter worth approximately $3,119,000. Rovida Investment Management Ltd bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $33,612,000. Finally, Vanguard Group Inc. grew its position in shares of Galaxy Digital by 15.5% during the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after buying an additional 2,179,540 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.