Galaxy Digital (NASDAQ:GLXY) Upgraded at Citigroup

Citigroup upgraded shares of Galaxy Digital (NASDAQ:GLXY) to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

A number of other equities research analysts also recently issued reports on GLXY. BTIG Research reissued a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research note on Tuesday, February 3rd. 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. Morgan Stanley lowered their price target on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.54.

Galaxy Digital Trading Down 3.9%

GLXY opened at $21.94 on Tuesday. Galaxy Digital has a one year low of $8.20 and a one year high of $45.92. The business’s 50 day moving average price is $25.12 and its 200 day moving average price is $28.54. The stock has a market capitalization of $8.57 billion and a PE ratio of 182.83. 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 (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The business had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Activity

In related news, Director Douglas R. Deason acquired 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the transaction, the director owned 59,000 shares in the company, valued at $1,227,200. This represents a 73.53% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 4,463,782 shares in the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital in the fourth quarter valued at $406,102,000. Balyasny Asset Management L.P. purchased a new stake in Galaxy Digital during the 2nd quarter worth about $113,435,000. Invesco Ltd. boosted its position in shares of 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 acquiring an additional 731,215 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 279,818 shares in 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.