Citigroup Initiates Coverage on Galaxy Digital (NASDAQ:GLXY)

Equities researchers at Citigroup started coverage on shares of Galaxy Digital (NASDAQ:GLXY) in a report released on Wednesday,Benzinga reports. The firm set a “neutral” rating and a $25.00 price target on the stock. Citigroup’s price target indicates a potential upside of 16.06% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Galaxy Digital in a report on Wednesday, February 4th. The Goldman Sachs Group lowered their price objective on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. BTIG Research reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a research note on Tuesday, February 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Finally, HC Wainwright dropped their price target on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus target price of $42.54.

Galaxy Digital Stock Performance

Shares of GLXY opened at $21.54 on Wednesday. The business has a 50-day simple moving average of $25.13 and a two-hundred day simple moving average of $28.62. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92. The stock has a market cap of $8.41 billion and a price-to-earnings ratio of 179.50.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data 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. The company had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $13.08 billion.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason acquired 25,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the transaction, the director directly owned 59,000 shares of the company’s stock, valued at $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Trading of Galaxy Digital

Several hedge funds have recently made changes to their positions in the business. CWM LLC purchased a new position in Galaxy Digital in the second quarter worth about $26,000. Manchester Capital Management LLC purchased a new stake in Galaxy Digital during the 2nd quarter valued at $32,000. Caitong International Asset Management Co. Ltd raised its holdings in Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after buying an additional 928 shares during the period. North Star Investment Management Corp. bought a new stake in Galaxy Digital in the third quarter worth $34,000. Finally, Picton Mahoney Asset Management boosted its stake in Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after buying an additional 1,000 shares during the period.

Galaxy Digital Company Profile

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.