Brokerages Set Galaxy Digital Inc. (NASDAQ:GLXY) PT at $44.63

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have earned an average recommendation of “Buy” from the eleven ratings firms that are currently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $44.6250.

Several equities research analysts have recently weighed in on GLXY shares. Rosenblatt Securities increased their target price on shares of Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Galaxy Digital in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. The Goldman Sachs Group upped their price target on shares of Galaxy Digital from $34.00 to $39.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Finally, Canaccord Genuity Group upped their price target on shares of Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd.

Insider Transactions at Galaxy Digital

In other 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 value of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at approximately $5,344,414.24. This represents a 63.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher C. Ferraro sold 750,000 shares of the company’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the completion of the transaction, the insider owned 687,921 shares in the company, valued at approximately $24,765,156. The trade was a 52.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 4,183,333 shares of company stock valued at $146,851,323.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Harbour Capital Advisors LLC bought a new position in Galaxy Digital during the 2nd quarter worth about $349,000. AdvisorNet Financial Inc bought a new position in Galaxy Digital during the 2nd quarter worth about $125,000. SJS Investment Consulting Inc. bought a new position in Galaxy Digital during the 2nd quarter worth about $77,000. Accurate Wealth Management LLC bought a new position in Galaxy Digital during the 2nd quarter worth about $440,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Galaxy Digital during the 2nd quarter worth about $79,000.

Galaxy Digital Trading Up 2.6%

Shares of GLXY opened at $35.01 on Wednesday. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $45.92. The stock has a market capitalization of $13.17 billion and a P/E ratio of 29.18. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $33.26.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.14. The firm had revenue of $8.66 billion during the quarter, compared to analysts’ expectations 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.