Galaxy Digital (NASDAQ:GLXY) Price Target Raised to $44.00

Galaxy Digital (NASDAQ:GLXY) had its price objective increased by Rosenblatt Securities from $35.00 to $44.00 in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on GLXY. BTIG Research restated a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a report on Tuesday, August 5th. The Goldman Sachs Group increased their price target on Galaxy Digital from $34.00 to $39.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Canaccord Genuity Group increased their price target on Galaxy Digital from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Piper Sandler raised their target price on Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $44.63.

Galaxy Digital Stock Down 12.9%

Shares of GLXY stock opened at $37.34 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. Galaxy Digital has a 1-year low of $8.20 and a 1-year high of $45.92. The stock’s 50 day simple moving average is $31.61.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $8.66 billion for the quarter, compared to analysts’ expectations of $13.11 billion.

Insider Transactions at Galaxy Digital

In other news, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at approximately $5,344,414.24. This trade represents a 63.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher C. Ferraro sold 750,000 shares of Galaxy Digital stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $27,000,000.00. Following the transaction, the insider owned 687,921 shares in the company, valued at approximately $24,765,156. This trade represents a 52.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,183,333 shares of company stock worth $146,851,323 over the last quarter.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently modified their holdings of the stock. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital in the 2nd quarter worth $113,435,000. Invesco Ltd. acquired a new position in Galaxy Digital in the second quarter worth approximately $53,233,000. Tidal Investments LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth $48,452,000. Geode Capital Management LLC bought a new position in Galaxy Digital during the second quarter valued at about $43,525,000. Finally, Marshall Wace LLP acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at about $35,568,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.