Galaxy Digital’s (GLXY) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a research note issued to investors on Friday,Benzinga reports. They currently have a $46.00 price objective on the stock.

GLXY has been the topic of several other research reports. Citigroup began coverage on shares of Galaxy Digital in a report on Tuesday, December 9th. They issued an “outperform” rating on the stock. Benchmark raised their price target on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Citizens Jmp initiated coverage on Galaxy Digital in a research report on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research report on Friday. Finally, JMP Securities set a $60.00 price target on Galaxy Digital in a research note on Tuesday, December 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Galaxy Digital presently has an average rating of “Buy” and a consensus target price of $46.27.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY opened at $28.26 on Friday. The firm’s 50-day moving average price is $26.95 and its 200-day moving average price is $29.50. Galaxy Digital has a 52-week low of $8.20 and a 52-week high of $45.92. The company has a market cap of $11.04 billion and a PE ratio of 23.55. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36.

Insiders Place Their Bets

In other news, Director Douglas R. Deason purchased 10,000 shares of the company’s stock in a transaction on Friday, November 7th. The stock was acquired at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at $295,900. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GLXY. CWM LLC purchased a new position in shares of Galaxy Digital in the second quarter valued at about $26,000. Manchester Capital Management LLC bought a new stake in Galaxy Digital during the 2nd quarter valued at approximately $32,000. Centerpoint Advisors LLC bought a new stake in Galaxy Digital during the 2nd quarter valued at approximately $33,000. DHJJ Financial Advisors Ltd. purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $34,000. Finally, North Star Investment Management Corp. bought a new position in Galaxy Digital in the 3rd quarter worth approximately $34,000.

Galaxy Digital Company Profile

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.