Citigroup Upgrades Galaxy Digital (NASDAQ:GLXY) to Hold

Galaxy Digital (NASDAQ:GLXY) was upgraded by investment analysts at Citigroup to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. The Goldman Sachs Group reduced their price target on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, February 4th. Cantor Fitzgerald lowered their price objective on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. Morgan Stanley cut their price objective on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Galaxy Digital has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $22.83 on Tuesday. The stock has a market capitalization of $8.92 billion and a price-to-earnings ratio of 190.25. The stock has a 50-day moving average of $25.13 and a 200 day moving average of $28.58. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The business had revenue of $10.37 billion during the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In other news, Director Douglas R. Deason acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares of the company’s stock, valued at $1,227,200. This trade represents a 73.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Trading of Galaxy Digital

Hedge funds have recently made changes to their positions in the company. CWM LLC raised its position in shares of Galaxy Digital by 20.8% during the 3rd quarter. CWM LLC now owns 1,419 shares of the company’s stock valued at $48,000 after buying an additional 244 shares during the period. Victory Capital Management Inc. increased its stake in Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock worth $663,000 after acquiring an additional 411 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Galaxy Digital by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock valued at $1,182,000 after purchasing an additional 666 shares during the period. Main Management ETF Advisors LLC lifted its stake in shares of Galaxy Digital by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock valued at $1,593,000 after purchasing an additional 728 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Galaxy Digital by 2.3% during the 4th quarter. Cetera Investment Advisers now owns 32,963 shares of the company’s stock worth $737,000 after purchasing an additional 742 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.