BTIG Research Reiterates “Buy” Rating for Galaxy Digital (NASDAQ:GLXY)

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating reaffirmed by BTIG Research in a report issued on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock. BTIG Research’s target price would indicate a potential upside of 129.04% from the stock’s previous close.

GLXY has been the topic of a number of other reports. Wall Street Zen cut shares of Galaxy Digital from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. Citizens Jmp reiterated a “market outperform” rating and set a $60.00 price objective on shares of Galaxy Digital in a research note on Wednesday, February 4th. The Goldman Sachs Group cut their target price 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. Finally, Citigroup initiated coverage on Galaxy Digital in a report on Wednesday, February 25th. They set a “neutral” rating and a $25.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.54.

Galaxy Digital Trading Up 1.5%

Shares of NASDAQ GLXY opened at $21.83 on Tuesday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80. The stock’s 50 day moving average price is $24.77 and its two-hundred day moving average price is $28.30. Galaxy Digital has a 52-week low of $8.20 and a 52-week high of $45.92. The stock has a market capitalization of $8.53 billion and a P/E ratio of 181.92.

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

Insider Activity

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of GLXY. Capital Research Global Investors bought a new position in shares of Galaxy Digital in the fourth quarter valued at approximately $406,102,000. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $113,435,000. Vanguard Group Inc. raised its stake 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 buying an additional 4,463,782 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Galaxy Digital in the second quarter valued at $53,233,000. Finally, Tidal Investments LLC bought a new position in Galaxy Digital during the second quarter valued at about $48,452,000.

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.