Galaxy Digital (NASDAQ:GLXY) Stock Price Expected to Rise, Citigroup Analyst Says

Galaxy Digital (NASDAQ:GLXY) had its target price increased by Citigroup from $25.00 to $28.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 33.02% from the stock’s previous close.

Several other analysts have also recently commented on GLXY. BTIG Research reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Tuesday, March 10th. Cantor Fitzgerald lowered their price target on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a report on Monday, February 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research report on Friday, January 30th. The Goldman Sachs Group reduced their price objective on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 4th. Finally, HC Wainwright lowered their target price on shares of Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.77.

Galaxy Digital Stock Down 2.5%

Shares of GLXY opened at $21.05 on Wednesday. The firm has a 50 day simple moving average of $24.39 and a two-hundred day simple moving average of $28.13. 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 one year low of $8.20 and a one year high of $45.92. The company has a market cap of $8.22 billion and a P/E ratio of 175.42.

Galaxy Digital (NASDAQ:GLXY) last issued its 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 business had revenue of $10.37 billion during the quarter, compared to analyst estimates of $13.08 billion.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average price of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director owned 59,000 shares in the company, valued at $1,227,200. The trade was a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Galaxy Digital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Manchester Capital Management LLC purchased a new position in Galaxy Digital in the second quarter worth $32,000. Caitong International Asset Management Co. Ltd increased its position in shares of 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 purchasing an additional 928 shares during the last quarter. North Star Investment Management Corp. purchased a new stake in shares of Galaxy Digital during the 3rd quarter valued at $34,000. Picton Mahoney Asset Management raised its stake in shares of Galaxy Digital by 200.0% during the 4th 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 boosted its holdings in shares of Galaxy Digital by 1,110.0% in the 3rd 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.

About Galaxy Digital

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.