Galaxy Digital (NASDAQ:GLXY) Price Target Raised to $28.00
by Michael Walen · The Markets DailyGalaxy Digital (NASDAQ:GLXY – Free Report) had its price target increased by Citigroup from $25.00 to $28.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.
Several other equities research analysts have also recently commented on the company. Cantor Fitzgerald lowered their target price on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, February 2nd. Weiss Ratings lowered Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Morgan Stanley decreased their price target on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Wall Street Zen lowered Galaxy Digital from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Galaxy Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.77.
View Our Latest Analysis on GLXY
Galaxy Digital Price Performance
GLXY opened at $20.72 on Wednesday. Galaxy Digital has a one year low of $8.20 and a one 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 company’s 50 day simple moving average is $24.31 and its 200-day simple moving average is $28.11. The stock has a market capitalization of $8.09 billion and a P/E ratio of 172.67.
Galaxy Digital (NASDAQ:GLXY – Get Free Report) last issued its quarterly earnings results 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 company had revenue of $10.37 billion during the quarter, compared to analyst estimates of $13.08 billion.
Insiders Place Their Bets
In other news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average cost of $20.80 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth about $32,000. Caitong International Asset Management Co. Ltd lifted its stake in Galaxy Digital by 183.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after purchasing an additional 928 shares during the last quarter. North Star Investment Management Corp. bought a new position in Galaxy Digital during the third quarter worth about $34,000. Picton Mahoney Asset Management grew its holdings 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 purchasing an additional 1,000 shares during the period. Finally, ORG Partners LLC increased its position in Galaxy Digital by 1,110.0% during the third quarter. ORG Partners LLC now owns 968 shares of the company’s stock worth $36,000 after buying an additional 888 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.