Galaxy Digital Inc. (NASDAQ:GLXY) Receives Average Rating of “Moderate Buy” from Brokerages

Galaxy Digital Inc. (NASDAQ:GLXY) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $39.5833.

Several analysts recently commented on GLXY shares. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a report on Wednesday, August 5th. Citigroup cut their target price on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, August 19th. Morgan Stanley lifted their target price on shares of Galaxy Digital from $37.00 to $48.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Zacks Research cut shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Finally, Rosenblatt Securities cut their price objective on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday, August 3rd.

Galaxy Digital Stock Up 10.8%

Shares of Galaxy Digital stock opened at $24.69 on Friday. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. The company has a market cap of $9.65 billion, a P/E ratio of -37.98 and a beta of 5.10. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average price of $22.94 and a 200 day moving average price of $24.91.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same period last year, the firm earned $0.08 EPS. As a group, analysts expect that Galaxy Digital will post -0.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven Bandrowczak bought 5,100 shares of the company’s stock in a transaction on Monday, August 10th. The shares were bought at an average cost of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director directly owned 39,186 shares in the company, valued at approximately $769,221.18. This trade represents a 14.96% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas Deason purchased 12,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the purchase, the director owned 71,000 shares in the company, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors have recently bought and sold shares of the stock. Riposte Capital LLC bought a new stake in shares of Galaxy Digital during the 1st quarter worth about $2,952,000. Bank of America Corp DE raised its stake in shares of Galaxy Digital by 124.3% in the 1st quarter. Bank of America Corp DE now owns 539,186 shares of the company’s stock valued at $9,948,000 after acquiring an additional 298,781 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Galaxy Digital in the 2nd quarter valued at approximately $1,456,000. Hillsdale Investment Management Inc. bought a new position in shares of Galaxy Digital in the 4th quarter valued at approximately $6,984,000. Finally, Moore Capital Management LP lifted its holdings in Galaxy Digital by 52.9% in the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after purchasing an additional 720,000 shares during the last quarter.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.