Galaxy Digital Inc. (NASDAQ:GLXY) Receives $43.33 Average PT from Analysts

Galaxy Digital Inc. (NASDAQ:GLXY) has been given an average recommendation of “Buy” by the twelve analysts that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $43.3333.

GLXY has been the topic of several recent analyst reports. The Goldman Sachs Group set a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, November 21st. Piper Sandler lifted their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. BTIG Research upped their price objective on shares of Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 21st. Wall Street Zen upgraded Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Morgan Stanley began coverage on Galaxy Digital in a research note on Thursday, November 6th. They issued an “overweight” rating and a $42.00 target price for the company.

Galaxy Digital Trading Up 1.3%

NASDAQ:GLXY opened at $26.59 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a 1-year low of $8.20 and a 1-year high of $45.92. The firm has a market capitalization of $10.39 billion and a price-to-earnings ratio of 22.16. The firm has a 50-day moving average of $33.72.

Insiders Place Their Bets

In other Galaxy Digital news, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Douglas R. Deason purchased 10,000 shares of Galaxy Digital stock in a transaction dated Friday, November 7th. The stock was bought at an average price of $29.59 per share, with a total value of $295,900.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately $295,900. This trade represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 3,783,333 shares of company stock valued at $135,994,323 in the last quarter.

Hedge Funds Weigh In On Galaxy Digital

A number of large investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new stake in shares of Galaxy Digital in the second quarter valued at about $113,435,000. Invesco Ltd. acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $53,233,000. Tidal Investments LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $48,452,000. Vanguard Group Inc. lifted its stake in Galaxy Digital by 15.5% in the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after acquiring an additional 2,179,540 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new position in Galaxy Digital during the 2nd quarter worth approximately $43,525,000.

About Galaxy Digital

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.