Galaxy Digital (NASDAQ:GLXY) Given New $50.00 Price Target at BTIG Research

Galaxy Digital (NASDAQ:GLXY) had its target price lifted by BTIG Research from $35.00 to $50.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. BTIG Research currently has a buy rating on the stock.

A number of other analysts have also issued reports on the stock. Piper Sandler raised their target price 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. Rosenblatt Securities raised their target price on shares of Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday. The Goldman Sachs Group increased their price target on shares of Galaxy Digital from $34.00 to $39.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Jefferies Financial Group started coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They set a “buy” rating and a $35.00 price target on the stock. Finally, Wall Street Zen raised shares of Galaxy Digital from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Galaxy Digital has a consensus rating of “Buy” and an average target price of $40.50.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY opened at $42.86 on Tuesday. Galaxy Digital has a 1 year low of $8.20 and a 1 year high of $45.92. The stock’s 50 day moving average price is $31.43. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In other news, COO Erin Elizabeth Brown sold 350,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total value of $9,443,000.00. Following the transaction, the chief operating officer owned 198,088 shares of the company’s stock, valued at approximately $5,344,414.24. This trade represents a 63.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,183,333 shares of company stock worth $146,851,323.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $113,435,000. Invesco Ltd. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $53,233,000. Tidal Investments LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $48,452,000. Geode Capital Management LLC purchased a new stake in Galaxy Digital during the 2nd quarter worth $43,525,000. Finally, Marshall Wace LLP purchased a new stake in Galaxy Digital during the 2nd quarter worth $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.