Brokerages Set Galaxy Digital Inc. (NASDAQ:GLXY) Price Target at $39.50

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have earned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $39.50.

GLXY has been the topic of a number of analyst reports. Wall Street Zen raised Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Galaxy Digital in a research note on Friday, May 1st. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price objective on shares of Galaxy Digital in a research note on Thursday, April 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a report on Friday, April 24th. Finally, Piper Sandler cut their target price on Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st.

Insider Transactions at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director owned 1,505,419 shares in the company, valued at $43,310,904.63. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 51.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in 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 acquiring an additional 4,463,782 shares during the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital in the 4th quarter valued at about $406,102,000. Invesco Ltd. increased its position in Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after purchasing an additional 731,215 shares during the last quarter. Geode Capital Management LLC increased its position in Galaxy Digital by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after purchasing an additional 279,818 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in Galaxy Digital in the second quarter valued at approximately $48,452,000.

Galaxy Digital Trading Down 0.9%

GLXY opened at $24.88 on Monday. The stock has a market capitalization of $9.70 billion, a PE ratio of -51.83 and a beta of 4.84. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The business’s 50 day moving average price is $29.40 and its 200 day moving average price is $25.65.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.10. The business had revenue of $10.21 billion during the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same quarter last year, the firm earned ($0.86) EPS. As a group, equities research analysts expect that Galaxy Digital will post -0.32 EPS for the current year.

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.