Galaxy Digital Inc. (NASDAQ:GLXY) Stock Has Average Target Price of $39.33 According to Brokerages

Galaxy Digital Inc. (NASDAQ:GLXY) has been given a consensus rating of “Moderate Buy” by the fourteen ratings firms that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $39.33.

Several equities research analysts have weighed in on GLXY shares. BTIG Research lowered their target price on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Piper Sandler dropped their price target on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Zacks Research upgraded Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. Weiss Ratings upgraded Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Citigroup upgraded Galaxy Digital from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $26.00 to $28.00 in a report on Tuesday.

Galaxy Digital Stock Down 0.8%

Shares of NASDAQ GLXY opened at $19.71 on Wednesday. Galaxy Digital has a 52-week low of $16.43 and a 52-week high of $45.92. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of -30.32 and a beta of 5.11. The stock has a 50 day moving average price of $23.03 and a 200 day moving average price of $25.07. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%. During the same quarter in the previous year, the business earned $0.08 earnings per share. Sell-side analysts expect that Galaxy Digital will post -0.88 earnings per share for the current year.

Insiders Place Their Bets

In other Galaxy Digital news, Director Steven Bandrowczak bought 5,100 shares of the company’s stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director directly owned 39,186 shares in the company, valued at approximately $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas Deason bought 12,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were acquired at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the transaction, the director directly owned 71,000 shares in the company, valued at approximately $1,529,340. This trade represents a 20.34% increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GLXY. Northwestern Mutual Wealth Management Co. purchased a new position in Galaxy Digital in the 2nd quarter worth $30,000. Hollencrest Capital Management increased its holdings in shares of Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after purchasing an additional 1,734 shares during the period. CoreCap Advisors LLC raised its stake in shares of Galaxy Digital by 496.0% in the third quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock worth $50,000 after purchasing an additional 1,840 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Galaxy Digital by 1,160.8% in the third quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock worth $53,000 after purchasing an additional 2,159 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new stake in shares of Galaxy Digital during the third quarter worth about $72,000.

Galaxy Digital Company Profile

Galaxy Digital (NASDAQ: GLXY) is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.