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

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

GLXY has been the topic of several analyst reports. The Goldman Sachs Group dropped their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Monday, May 4th. Wall Street Zen upgraded shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Friday, April 24th.

Insider Buying and Selling at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares of the company’s stock, valued at approximately $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently bought and sold shares of GLXY. Caitong International Asset Management Co. Ltd raised its stake in Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after purchasing an additional 928 shares during the period. Picton Mahoney Asset Management raised its stake 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. Danske Bank A S purchased a new position in Galaxy Digital during the fourth quarter worth about $36,000. Northwestern Mutual Wealth Management Co. purchased a new position in Galaxy Digital during the fourth quarter worth about $46,000. Finally, Hollencrest Capital Management raised its stake in Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after purchasing an additional 1,734 shares during the period.

Galaxy Digital Stock Up 0.8%

GLXY stock opened at $33.63 on Thursday. The firm has a market cap of $13.11 billion and a PE ratio of -70.06. 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 firm’s fifty day moving average is $27.47 and its 200 day moving average is $25.32. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.10. The company had revenue of $10.21 billion for 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 in the prior year, the business posted ($0.86) EPS. On average, research analysts forecast that Galaxy Digital will post -0.32 EPS for the current year.

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.