Galaxy Digital Inc. (NASDAQ:GLXY) Receives $39.50 Average Price Target from Brokerages

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have earned a consensus rating of “Moderate Buy” from the fifteen research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and twelve have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $39.50.

Several brokerages have recently weighed in on GLXY. BTIG Research reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Thursday. Morgan Stanley reiterated an “overweight” rating and set a $37.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. The Goldman Sachs Group decreased their price target on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $55.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th.

Galaxy Digital Trading Down 3.1%

Shares of Galaxy Digital stock opened at $28.65 on Friday. Galaxy Digital has a 52-week low of $16.43 and a 52-week high of $45.92. The stock’s 50-day simple moving average is $24.31 and its 200 day simple moving average is $25.13. The stock has a market capitalization of $11.17 billion and a P/E ratio of -59.69. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The business had revenue of $10.21 billion for the quarter. During the same quarter in the prior year, the firm posted ($0.86) earnings per share. As a group, research analysts anticipate that Galaxy Digital will post -0.32 EPS for the current year.

Insider Buying and Selling at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 51.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Western Wealth Management LLC bought a new position in shares of Galaxy Digital in the first quarter worth approximately $126,000. Bank of America Corp DE increased its position in shares of Galaxy Digital by 124.3% in the first quarter. Bank of America Corp DE now owns 539,186 shares of the company’s stock worth $9,948,000 after purchasing an additional 298,781 shares during the last quarter. Anson Funds Management LP bought a new position in shares of Galaxy Digital in the first quarter worth approximately $11,070,000. Janus Henderson Group PLC increased its position in shares of Galaxy Digital by 22.1% in the first quarter. Janus Henderson Group PLC now owns 89,981 shares of the company’s stock worth $1,661,000 after purchasing an additional 16,300 shares during the last quarter. Finally, Amundi increased its position in shares of Galaxy Digital by 57.0% in the first quarter. Amundi now owns 23,399 shares of the company’s stock worth $432,000 after purchasing an additional 8,499 shares during the last quarter.

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.