Analysts Set Galaxy Digital Inc. (NASDAQ:GLXY) Price Target at $42.54

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have been assigned a consensus recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $42.5385.

A number of research analysts have commented on GLXY shares. Cantor Fitzgerald dropped their price objective on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. BTIG Research reissued a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Tuesday, February 3rd. The Goldman Sachs Group dropped their price target 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. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday, January 30th. Finally, HC Wainwright dropped their target price on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, February 4th.

Galaxy Digital Price Performance

Shares of NASDAQ:GLXY opened at $22.73 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $45.92. The firm has a market capitalization of $8.88 billion and a P/E ratio of 189.42. The company’s fifty day moving average price is $24.88 and its 200 day moving average price is $28.33.

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

Insider Activity

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

Hedge Funds Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC acquired a new stake in Galaxy Digital in the second quarter valued at $26,000. Manchester Capital Management LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $32,000. Caitong International Asset Management Co. Ltd increased 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 acquiring an additional 928 shares in the last quarter. North Star Investment Management Corp. acquired a new position in Galaxy Digital during the third quarter worth about $34,000. Finally, Picton Mahoney Asset Management raised its position 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 acquiring an additional 1,000 shares during the last quarter.

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.