Galaxy Digital (NASDAQ:GLXY) Hits New 12-Month High on Analyst Upgrade

Galaxy Digital Inc. (NASDAQ:GLXY) shares reached a new 52-week high on Tuesday after The Goldman Sachs Group raised their price target on the stock from $30.00 to $34.00. The Goldman Sachs Group currently has a neutral rating on the stock. Galaxy Digital traded as high as $39.68 and last traded at $38.84, with a volume of 7989476 shares. The stock had previously closed at $36.16.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group began coverage on Galaxy Digital in a report on Wednesday, July 23rd. They issued a “buy” rating and a $35.00 price target on the stock. BTIG Research reissued a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a research note on Tuesday, August 5th. Maxim Group began coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They set a “buy” rating and a $40.00 target price on the stock. Piper Sandler boosted their target price on shares of Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Finally, Canaccord Genuity Group boosted their target price on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $36.88.

Insider Buying and Selling

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the sale, the chief operating officer directly owned 198,088 shares in the company, valued at $5,344,414.24. This represents a 63.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the sale, the director owned 112,053 shares of the company’s stock, valued at $3,342,540.99. This trade represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 433,333 shares of company stock worth $11,851,323.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds have recently bought and sold shares of the company. CWM LLC bought a new stake in Galaxy Digital during the second quarter valued at about $26,000. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital during the second quarter valued at about $32,000. Centerpoint Advisors LLC acquired a new position in shares of Galaxy Digital during the second quarter valued at about $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital during the second quarter valued at about $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Galaxy Digital during the second quarter valued at about $37,000.

Galaxy Digital Trading Up 4.6%

The company’s 50-day moving average price is $29.14. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The company had revenue of $8.66 billion for the quarter, compared to analyst estimates of $13.11 billion.

About Galaxy Digital

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.