Galaxy Digital (NASDAQ:GLXY) Upgraded to Hold at Citigroup

Citigroup upgraded shares of Galaxy Digital (NASDAQ:GLXY) to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. BTIG Research reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research note on Tuesday, February 3rd. Cantor Fitzgerald lowered their price target on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. HC Wainwright dropped their price objective on shares of Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. Finally, The Goldman Sachs Group decreased their target price on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Stock Up 6.0%

Shares of GLXY opened at $22.83 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The company has a 50-day simple moving average of $25.13 and a 200-day simple moving average of $28.58. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92. The firm has a market capitalization of $8.92 billion and a P/E ratio of 190.25.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $13.08 billion.

Insider Transactions at Galaxy Digital

In other news, Director Douglas R. Deason purchased 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was purchased at an average cost of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Trading of Galaxy Digital

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital during the 4th quarter valued at $406,102,000. Balyasny Asset Management L.P. bought a new position in Galaxy Digital in the 2nd quarter valued at $113,435,000. Invesco Ltd. boosted its stake in Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after purchasing an additional 731,215 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Galaxy Digital by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after purchasing an additional 279,818 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.