Galaxy Digital’s (GLXY) Buy Rating Reiterated at Canaccord Genuity Group

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a note issued to investors on Friday,Benzinga reports. They currently have a $50.00 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 66.89% from the company’s current price.

Several other research firms have also commented on GLXY. Citigroup began coverage on Galaxy Digital in a report on Tuesday, December 9th. They issued an “outperform” rating on the stock. The Goldman Sachs Group reiterated a “neutral” rating and issued a $27.00 price objective on shares of Galaxy Digital in a report on Tuesday, January 20th. Morgan Stanley started coverage on Galaxy Digital in a research note on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price for the company. BTIG Research raised their price objective on shares of Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Finally, Rosenblatt Securities increased their target price on shares of Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Galaxy Digital has an average rating of “Buy” and an average price target of $46.09.

Galaxy Digital Trading Down 6.1%

Shares of NASDAQ:GLXY opened at $29.96 on Friday. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92. The company’s 50 day moving average is $26.86 and its two-hundred day moving average is $29.36. The company has a market cap of $11.70 billion and a PE ratio of 24.97. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason purchased 10,000 shares of Galaxy Digital stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at $295,900. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently made changes to their positions in GLXY. CWM LLC purchased a new position in shares of Galaxy Digital during the second quarter worth about $26,000. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at approximately $32,000. Centerpoint Advisors LLC purchased a new stake in shares of Galaxy Digital during the second quarter worth approximately $33,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of Galaxy Digital during the second quarter worth $34,000. Finally, North Star Investment Management Corp. purchased a new position in Galaxy Digital in the 3rd quarter valued at $34,000.

Galaxy Digital Company Profile

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.