Galaxy Digital’s (GLXY) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a research note issued to investors on Friday,Benzinga reports. Canaccord Genuity Group currently has a $50.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. Morgan Stanley assumed coverage on shares of Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price for the company. Benchmark raised their price objective on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $27.00 target price on shares of Galaxy Digital in a report on Tuesday, January 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Finally, BTIG Research raised their price target on Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $46.27.

Galaxy Digital Trading Down 5.7%

GLXY stock opened at $28.26 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35. Galaxy Digital has a 1-year low of $8.20 and a 1-year high of $45.92. The business has a 50 day simple moving average of $26.95 and a two-hundred day simple moving average of $29.50. The company has a market capitalization of $11.04 billion and a price-to-earnings ratio of 23.55.

Insider Activity

In related news, Director Douglas R. Deason bought 10,000 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was purchased at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the acquisition, the director owned 10,000 shares in the company, valued at $295,900. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Trading of Galaxy Digital

A number of institutional investors have recently bought and sold shares of the stock. CWM LLC purchased a new stake in Galaxy Digital in the 2nd quarter valued at about $26,000. Manchester Capital Management LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth $32,000. Centerpoint Advisors LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at $33,000. DHJJ Financial Advisors Ltd. bought a new stake in shares of Galaxy Digital in the second quarter valued at about $34,000. Finally, North Star Investment Management Corp. purchased a new stake in Galaxy Digital in the third quarter worth about $34,000.

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.