Galaxy Digital’s (GLXY) “Buy” Rating Reaffirmed at BTIG Research

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating restated by stock analysts at BTIG Research in a research note issued on Tuesday,Benzinga reports. They presently have a $50.00 price target on the stock. BTIG Research’s price target suggests a potential upside of 113.22% from the company’s previous close.

GLXY has been the subject of a number of other research reports. Morgan Stanley assumed coverage on shares of Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective for the company. JMP Securities set a $60.00 price target on shares of Galaxy Digital in a report on Tuesday, December 9th. Citigroup began coverage on Galaxy Digital in a research note on Tuesday, December 9th. They issued an “outperform” rating on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $46.42.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY traded down $2.99 during trading hours on Tuesday, reaching $23.45. The stock had a trading volume of 2,972,437 shares, compared to its average volume of 6,713,263. The firm has a 50-day moving average of $26.99 and a 200-day moving average of $29.50. The firm has a market cap of $9.16 billion and a price-to-earnings ratio of 19.54. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason acquired 10,000 shares of Galaxy Digital stock in a transaction dated Friday, November 7th. The stock was bought at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $295,900. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after buying an additional 4,463,782 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Galaxy Digital in the second quarter valued at approximately $113,435,000. Invesco Ltd. acquired a new stake in Galaxy Digital in the second quarter valued at approximately $53,233,000. Tidal Investments LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth $48,452,000. Finally, Geode Capital Management LLC bought a new stake in Galaxy Digital in the second quarter worth $43,525,000.

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.