Galaxy Digital Inc. (NASDAQ:GLXY) Stock Rated “Moderate Buy” by Wall Street Analysts

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) have received an average rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $33.96.

A number of analysts have issued reports on the company. Piper Sandler reduced their price objective on Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 20th. Citigroup raised shares of Galaxy Digital from a “neutral” rating to a “buy” rating and upped their price objective for the company from $26.00 to $28.00 in a research note on Tuesday, October 13th. The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research note on Tuesday, October 27th. Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Maxim Group lowered their price objective on Galaxy Digital from $46.00 to $36.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd.

Galaxy Digital Stock Down 5.3%

GLXY traded down $0.80 during trading hours on Friday, hitting $14.38. 6,949,280 shares of the company’s stock were exchanged, compared to its average volume of 9,662,931. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of -14.38 and a beta of 5.38. Galaxy Digital has a 1-year low of $11.78 and a 1-year high of $36.10. The stock’s 50-day moving average is $19.91 and its two-hundred day moving average is $23.38. The company has a quick ratio of 1.50, a current ratio of 1.70 and a debt-to-equity ratio of 2.11.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.54. The business had revenue of $8.69 billion for the quarter. Galaxy Digital had a negative return on equity of 10.17% and a negative net margin of 0.89%. Sell-side analysts predict that Galaxy Digital will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In other news, CEO Michael Novogratz bought 760,000 shares of the business’s stock in a transaction dated Thursday, November 5th. The stock was purchased at an average cost of $12.98 per share, with a total value of $9,864,800.00. Following the acquisition, the chief executive officer directly owned 760,000 shares in the company, valued at $9,864,800. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Medina Adams sold 12,000 shares of the stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $16.45, for a total value of $197,400.00. Following the completion of the sale, the director directly owned 107,919 shares in the company, valued at $1,775,267.55. This represents a 10.01% decrease in their position. The disclosure for this sale is available in the SEC filing. 51.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of large investors have recently made changes to their positions in GLXY. State Street Corp grew its position in shares of Galaxy Digital by 6.2% during the 3rd quarter. State Street Corp now owns 4,071,024 shares of the company’s stock worth $92,575,000 after buying an additional 237,031 shares during the period. Moore Capital Management LP lifted its holdings in Galaxy Digital by 52.9% in the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock valued at $56,929,000 after buying an additional 720,000 shares during the period. Sullivan Wood Capital Management LLC raised its stake in shares of Galaxy Digital by 4.0% in the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock worth $33,213,000 after purchasing an additional 55,804 shares during the last quarter. Bank of America Corp DE increased its position in Galaxy Digital by 112.4% in the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after buying an additional 605,986 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Galaxy Digital by 112.7% during the third quarter. First Trust Advisors LP now owns 1,075,361 shares of the company’s stock worth $24,454,000 after purchasing an additional 569,813 shares during the last quarter.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.