Galaxy Digital Inc. (NASDAQ:GLXY) Stock Has Consensus Price Target of $35.29

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have been assigned an average rating of “Moderate Buy” from the fourteen analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $35.29.

Several equities research analysts have weighed in on the company. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Tuesday, October 27th. Morgan Stanley decreased their price objective on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Maxim Group decreased their price objective on Galaxy Digital from $46.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Rosenblatt Securities lowered their target price on Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, October 26th. Finally, Citigroup raised Galaxy Digital from a “neutral” rating to a “buy” rating and raised their target price for the stock from $26.00 to $28.00 in a report on Tuesday, October 13th.

Galaxy Digital Stock Up 5.2%

GLXY stock opened at $13.66 on Friday. The firm’s fifty day simple moving average is $20.86 and its 200-day simple moving average is $23.81. The company has a market capitalization of $5.34 billion, a P/E ratio of -13.66 and a beta of 5.38. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. Galaxy Digital has a 12 month low of $11.78 and a 12 month high of $36.10.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The company had revenue of $8.69 billion during the quarter. As a group, equities research analysts forecast that Galaxy Digital will post -0.07 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael Novogratz acquired 760,000 shares of the stock in a transaction on Thursday, November 5th. The shares were acquired at an average price of $12.98 per share, for a total transaction of $9,864,800.00. Following the transaction, the chief executive officer owned 760,000 shares in the company, valued at approximately $9,864,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Friedrich sold 4,993 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the sale, the insider owned 275,782 shares in the company, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders acquired a total of 777,100 shares of company stock valued at $10,223,393 in the last three months. 51.53% of the stock is currently owned by company insiders.

Institutional Trading of Galaxy Digital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Galaxy Digital by 99.7% during the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after acquiring an additional 1,913,688 shares in the last quarter. Moore Capital Management LP increased its stake in shares of Galaxy Digital by 52.9% in the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock valued at $56,929,000 after purchasing an additional 720,000 shares in the last quarter. Sullivan Wood Capital Management LLC increased its stake in shares of Galaxy Digital by 4.0% in the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock valued at $33,213,000 after purchasing an additional 55,804 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Galaxy Digital by 112.4% in the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock valued at $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, Anson Funds Management LP acquired a new position in Galaxy Digital in the 1st quarter worth about $11,070,000.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations.

Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.

Galaxy has expanded its operations over time from digital asset investing and financial services into infrastructure supporting blockchain and high-performance computing.