Galaxy Digital Inc. (NASDAQ:GLXY) Receives $42.54 Consensus Price Target from Analysts

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have been given a consensus recommendation of “Moderate Buy” by the fifteen brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $42.5385.

GLXY has been the subject of several research reports. Weiss Ratings cut Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday. HC Wainwright decreased their price objective on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, February 4th. Morgan Stanley lowered their price objective on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. The Goldman Sachs Group dropped their target price on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating for the company in a report on Wednesday, February 4th. Finally, Wall Street Zen cut shares of Galaxy Digital from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $20.56 on Tuesday. The stock has a market cap of $8.03 billion and a PE ratio of 171.33. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a 50-day moving average of $24.83 and a 200-day moving average of $28.32. Galaxy Digital has a 52-week low of $8.20 and a 52-week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.24) by $0.16. The company had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $13.08 billion.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason acquired 25,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the purchase, the director directly owned 59,000 shares of the company’s stock, valued at $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares during the period. Capital Research Global Investors bought a new stake in shares of Galaxy Digital during the 4th quarter valued at $406,102,000. Balyasny Asset Management L.P. acquired a new stake in shares of Galaxy Digital during the 2nd quarter worth $113,435,000. Invesco Ltd. grew its holdings in shares of Galaxy Digital by 31.1% during the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after purchasing an additional 731,215 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Galaxy Digital by 13.0% in the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after purchasing an additional 279,818 shares during the period.

About Galaxy Digital

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.