The Goldman Sachs Group Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $21.00

Galaxy Digital (NASDAQ:GLXY) had its target price dropped by stock analysts at The Goldman Sachs Group from $24.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 9.52% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Rosenblatt Securities restated a “buy” rating and set a $46.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. Morgan Stanley dropped their target price on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. HC Wainwright cut their target price on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 4th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Galaxy Digital in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.54.

Galaxy Digital Stock Up 2.9%

NASDAQ:GLXY traded up $0.55 during trading hours on Wednesday, hitting $19.18. 1,964,274 shares of the company traded hands, compared to its average volume of 6,399,583. 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 firm’s 50-day simple moving average is $21.39 and its 200-day simple moving average is $27.35. Galaxy Digital has a one year low of $9.10 and a one year high of $45.92. The company has a market cap of $7.46 billion and a PE ratio of 158.23.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $13.08 billion.

Insiders Place Their Bets

In related news, Director Douglas R. Deason acquired 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was acquired at an average price of $20.80 per share, for a total transaction 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 represents a 73.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. Caitong International Asset Management Co. Ltd grew its position in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares during the period. North Star Investment Management Corp. bought a new stake in shares of Galaxy Digital in the 3rd quarter worth approximately $34,000. Picton Mahoney Asset Management raised its holdings in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 1,000 shares during the period. ORG Partners LLC lifted its stake in Galaxy Digital by 1,110.0% in the third quarter. ORG Partners LLC now owns 968 shares of the company’s stock valued at $36,000 after purchasing an additional 888 shares during the last quarter. Finally, Danske Bank A S purchased a new position in Galaxy Digital in the fourth quarter valued at approximately $36,000.

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.