Galaxy Digital (NASDAQ:GLXY) Now Covered by Analysts at Citigroup

Research analysts at Citigroup began coverage on shares of Galaxy Digital (NASDAQ:GLXY) in a note issued to investors on Wednesday,Benzinga reports. The firm set a “neutral” rating and a $25.00 price target on the stock. Citigroup’s price objective would indicate a potential upside of 16.06% from the company’s current price.

GLXY has been the topic of a number of other research reports. Canaccord Genuity Group restated a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a report on Friday, January 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 29th. Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a research note on Wednesday, February 4th. HC Wainwright decreased their target price on shares of Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, February 4th. Finally, The Goldman Sachs Group cut their price target on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Galaxy Digital has an average rating of “Moderate Buy” and a consensus target price of $42.54.

Galaxy Digital Trading Up 5.9%

Shares of GLXY opened at $21.54 on Wednesday. Galaxy Digital has a 1-year low of $8.20 and a 1-year 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 price is $25.13 and its 200-day moving average price is $28.62. The firm has a market capitalization of $8.41 billion and a price-to-earnings ratio of 179.50.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to the consensus estimate of $13.08 billion.

Insider Transactions at Galaxy Digital

In related news, Director Douglas R. Deason bought 25,000 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was 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 approximately $1,227,200. This trade represents a 73.53% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Trading of Galaxy Digital

Several large investors have recently modified their holdings of the company. CWM LLC bought a new position in Galaxy Digital in the second quarter valued at about $26,000. Envestnet Asset Management Inc. bought a new position in shares of Galaxy Digital in the 2nd quarter worth approximately $1,948,000. Milestone Asset Management Group LLC bought a new stake in Galaxy Digital during the second quarter valued at approximately $5,972,000. Bank of Montreal Can purchased a new stake in Galaxy Digital during the second quarter valued at approximately $3,918,000. Finally, Simplex Trading LLC bought a new position in Galaxy Digital in the second quarter worth approximately $557,000.

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.