BTIG Research Reaffirms Buy Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reissued by BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $50.00 price objective on the stock. BTIG Research’s price target would indicate a potential upside of 113.22% from the company’s previous close.

A number of other equities research analysts also recently weighed in on GLXY. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Morgan Stanley assumed coverage on shares of Galaxy Digital in a report on Thursday, November 6th. They issued an “overweight” rating and a $42.00 target price on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a report on Friday. Finally, Citizens Jmp started coverage on shares of Galaxy Digital in a report on Tuesday, December 9th. They issued a “market outperform” rating and a $60.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $46.42.

Galaxy Digital Stock Performance

Shares of NASDAQ:GLXY traded down $2.99 during midday trading on Tuesday, hitting $23.45. The company’s stock had a trading volume of 2,972,437 shares, compared to its average volume of 6,713,263. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The stock’s 50 day simple moving average is $26.99 and its 200 day simple moving average is $29.50. The stock has a market capitalization of $9.16 billion and a price-to-earnings ratio of 19.54. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16.

Insider Buying and Selling

In related news, Director Douglas R. Deason bought 10,000 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $295,900. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors have recently added to or reduced their stakes in GLXY. CWM LLC bought a new stake in shares of Galaxy Digital during the second quarter valued at approximately $26,000. Manchester Capital Management LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $32,000. Centerpoint Advisors LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $33,000. North Star Investment Management Corp. bought a new stake in Galaxy Digital during the third quarter worth $34,000. Finally, ORG Partners LLC raised its position in Galaxy Digital by 1,110.0% in the 3rd quarter. ORG Partners LLC now owns 968 shares of the company’s stock valued at $36,000 after buying an additional 888 shares during the last quarter.

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.