The Goldman Sachs Group Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $26.00

Galaxy Digital (NASDAQ:GLXY) had its target price decreased by The Goldman Sachs Group from $30.00 to $26.00 in a report issued on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other equities analysts have also weighed in on GLXY. Benchmark lifted their price objective on shares of Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Rosenblatt Securities raised their target price on shares of Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Piper Sandler boosted their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a report on Monday, December 1st. Finally, Morgan Stanley began coverage on Galaxy Digital in a report on Thursday, November 6th. They issued an “overweight” rating and a $42.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $42.89.

Galaxy Digital Stock Down 7.5%

Galaxy Digital stock opened at $25.51 on Friday. The stock has a 50 day moving average of $33.04 and a two-hundred day moving average of $27.57. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $45.92. The stock has a market capitalization of $9.96 billion and a price-to-earnings ratio of 21.26. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

Insider Transactions at Galaxy Digital

In related news, Director Douglas R. Deason bought 10,000 shares of Galaxy Digital stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the purchase, the director owned 10,000 shares in the company, valued at $295,900. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Novogratz sold 3,000,000 shares of the stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $108,000,000.00. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 3,783,333 shares of company stock valued at $135,994,323.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL lifted its position in Galaxy Digital by 239.0% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 12,181 shares of the company’s stock worth $412,000 after acquiring an additional 8,588 shares in the last quarter. IFP Advisors Inc boosted its holdings in Galaxy Digital by 40.6% in the third quarter. IFP Advisors Inc now owns 5,388 shares of the company’s stock valued at $182,000 after purchasing an additional 1,555 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Galaxy Digital during the 3rd quarter valued at approximately $228,000. CIBC Bancorp USA Inc. purchased a new stake in Galaxy Digital during the 3rd quarter worth approximately $401,000. Finally, Faithward Advisors LLC acquired a new position in shares of Galaxy Digital in the 3rd quarter valued at approximately $1,664,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.