Galaxy Digital (NASDAQ:GLXY) Given “Buy” Rating at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a report issued on Tuesday,Benzinga reports. The firm currently has a $50.00 price target on the stock.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group reduced their price target on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. Wall Street Zen downgraded shares of Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Canaccord Genuity Group restated a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a report on Friday, January 30th. Citigroup began coverage on shares of Galaxy Digital in a research report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 price target for the company. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus price target of $42.54.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $21.83 on Tuesday. The firm has a market capitalization of $8.53 billion and a P/E ratio of 181.92. Galaxy Digital has a 1-year low of $8.20 and a 1-year high of $45.92. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60. The business’s 50-day simple moving average is $24.77 and its 200-day simple moving average is $28.30.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In other news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director owned 59,000 shares in the company, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Galaxy Digital by 27.5% during the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares during the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital during the 4th quarter valued at approximately $406,102,000. Balyasny Asset Management L.P. purchased a new stake in Galaxy Digital during the 2nd quarter worth approximately $113,435,000. Invesco Ltd. raised its position in shares of Galaxy Digital by 31.1% in the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after purchasing an additional 731,215 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Galaxy Digital by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock valued at $54,424,000 after buying an additional 279,818 shares during the last quarter.

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.