Citizens Jmp Begins Coverage on Galaxy Digital (NASDAQ:GLXY)

Analysts at Citizens Jmp initiated coverage on shares of Galaxy Digital (NASDAQ:GLXY) in a report released on Tuesday, Marketbeat.com reports. The brokerage set a “market outperform” rating and a $60.00 price target on the stock. Citizens Jmp’s price objective indicates a potential upside of 103.25% from the stock’s previous close.

Several other analysts have also issued reports on the company. Morgan Stanley initiated coverage on Galaxy Digital in a research note on Thursday, November 6th. They issued an “overweight” rating and a $42.00 target price on the stock. Benchmark lifted their price objective on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. JMP Securities set a $60.00 price objective on Galaxy Digital in a research note on Tuesday. BTIG Research upped their price objective on shares of Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Finally, Wall Street Zen upgraded shares of Galaxy Digital from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $46.00.

Galaxy Digital Trading Up 0.2%

NASDAQ:GLXY opened at $29.52 on Tuesday. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $45.92. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average is $32.66 and its 200 day moving average is $27.64. The stock has a market capitalization of $11.53 billion and a PE ratio of 24.60.

Insider Activity

In other news, Director Medina Rhonda Adams sold 33,333 shares of the business’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the completion of the transaction, the director directly owned 112,053 shares in the company, valued at $3,342,540.99. The trade was a 22.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher C. Ferraro sold 750,000 shares of the stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $27,000,000.00. Following the completion of the sale, the insider owned 687,921 shares in the company, valued at $24,765,156. This trade represents a 52.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,783,333 shares of company stock valued at $135,994,323 in the last quarter.

Institutional Trading of Galaxy Digital

A number of large investors have recently modified their holdings of GLXY. Harbour Capital Advisors LLC purchased a new position in shares of Galaxy Digital during the second quarter worth about $349,000. AdvisorNet Financial Inc bought a new stake in Galaxy Digital during the second quarter valued at approximately $125,000. SJS Investment Consulting Inc. bought a new stake in Galaxy Digital during the second quarter valued at approximately $77,000. Accurate Wealth Management LLC purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $440,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Galaxy Digital in the 2nd quarter worth $79,000.

About Galaxy Digital

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.