Galaxy Digital (NASDAQ:GLXY) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Galaxy Digital from “strong sell” to “sell,” though the rating remains bearish.
• Analyst sentiment overall is more positive: MarketBeat reports a “Moderate Buy” consensus, with an average price target of $33.96.
• Galaxy Digital reported quarterly EPS of $0.83, beating the $0.29 consensus estimate; shares opened at $14.38, below their 50-day and 200-day moving averages.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Other equities analysts have also issued reports about the stock. Morgan Stanley cut their price objective on shares of Galaxy Digital from $43.00 to $27.00 and set an "overweight" rating on the stock in a report on Monday, November 9th. Rosenblatt Securities lowered their target price on Galaxy Digital from $35.00 to $30.00 and set a "buy" rating for the company in a report on Monday, October 26th. Maxim Group lowered their target price on Galaxy Digital from $46.00 to $36.00 and set a "buy" rating for the company in a report on Thursday, October 22nd. Zacks Research raised Galaxy Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, September 18th. Finally, BTIG Research cut their price target on Galaxy Digital from $45.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, October 27th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Galaxy Digital presently has an average rating of "Moderate Buy" and a consensus target price of $33.96.

Galaxy Digital Price Performance

NASDAQ:GLXY opened at $14.38 on Friday. 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 has a 1-year low of $11.78 and a 1-year high of $36.10. The company has a 50-day moving average of $19.91 and a 200 day moving average of $23.38.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.17%. The business had revenue of $8.69 billion for the quarter. Research analysts anticipate that Galaxy Digital will post 0.11 EPS for the current fiscal year.

Insider Activity

In other news, Director Douglas Deason acquired 5,000 shares of the business's stock in a transaction dated Friday, November 6th. The shares were purchased at an average price of $13.98 per share, with a total value of $69,900.00. Following the transaction, the director directly owned 76,000 shares in the company, valued at approximately $1,062,480. This represents a 7.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Friedrich sold 4,993 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total transaction of $134,960.79. Following the transaction, the insider owned 275,782 shares of the company's stock, valued at approximately $7,454,387.46. This trade represents a 1.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 51.53% of the company's stock.

Hedge Funds Weigh In On Galaxy Digital

Large investors have recently made changes to their positions in the business. State Street Corp boosted its position in shares of Galaxy Digital by 99.7% in the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company's stock worth $104,821,000 after purchasing an additional 1,913,688 shares in the last quarter. Moore Capital Management LP grew its stake in Galaxy Digital by 52.9% during the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock worth $56,929,000 after buying an additional 720,000 shares during the last quarter. Sullivan Wood Capital Management LLC grew its stake in Galaxy Digital by 4.0% during the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company's stock worth $33,213,000 after buying an additional 55,804 shares during the last quarter. Bank of America Corp DE increased its position in Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock valued at $31,309,000 after buying an additional 605,986 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Galaxy Digital by 112.7% during the 3rd quarter. First Trust Advisors LP now owns 1,075,361 shares of the company's stock valued at $24,454,000 after buying an additional 569,813 shares in 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.

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