Galaxy Digital Inc. (NASDAQ:GLXY) Receives $46.00 Consensus PT from Analysts

Galaxy Digital Inc. (NASDAQ:GLXY) has earned an average rating of “Buy” from the fourteen research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $46.00.

GLXY has been the topic of several research analyst reports. Morgan Stanley started coverage on Galaxy Digital in a research note on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective on the stock. Piper Sandler increased their price target on Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Rosenblatt Securities raised their price target on Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Benchmark boosted their price objective on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Finally, JMP Securities set a $60.00 target price on Galaxy Digital in a research note on Tuesday, December 9th.

Insider Transactions at Galaxy Digital

In related news, insider Christopher C. Ferraro sold 750,000 shares of the company’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $27,000,000.00. Following the completion of the transaction, the insider directly owned 687,921 shares of the company’s stock, valued at approximately $24,765,156. This represents a 52.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Novogratz sold 3,000,000 shares of Galaxy Digital stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $108,000,000.00. The SEC filing for this sale provides additional information.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital during the second quarter worth about $113,435,000. Invesco Ltd. acquired a new position in Galaxy Digital during the 2nd quarter worth approximately $53,233,000. Tidal Investments LLC acquired a new position in Galaxy Digital during the 2nd quarter worth approximately $48,452,000. Vanguard Group Inc. grew its stake in shares of Galaxy Digital by 15.5% during the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after acquiring an additional 2,179,540 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $43,525,000.

Galaxy Digital Trading Down 0.7%

Shares of NASDAQ GLXY opened at $24.43 on Thursday. The company’s fifty day moving average is $29.66 and its 200-day moving average is $27.98. The stock has a market cap of $9.54 billion and a price-to-earnings ratio of 20.36. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $45.92. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36.

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.