Benchmark Forecasts Strong Price Appreciation for Galaxy Digital (NASDAQ:GLXY) Stock

Key Points

• Benchmark has raised the price target for Galaxy Digital (NASDAQ:GLXY) from $38.00 to $40.00, suggesting a potential upside of 49.64% from the stock's previous close.
• Galaxy Digital's stock performance shows a current trading price of $26.73 after a decrease of $0.95 in midday trading, following a 12-month range between $8.20 and $33.17.
• Insider trading activity included significant stock sales by CEO Michael Novogratz and other insiders, totaling 9,668,671 shares worth approximately $175 million in the past three months.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its target price upped by equities researchers at Benchmark from $38.00 to $40.00 in a research report issued on Wednesday, August 6th, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target points to a potential upside of 43.37% from the company's previous close.

A number of other analysts have also commented on GLXY. HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Jefferies Financial Group assumed coverage on shares of Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $33.00 price target on shares of Galaxy Digital in a research report on Thursday, July 3rd. Piper Sandler upped their price target on shares of Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, Maxim Group assumed coverage on shares of Galaxy Digital in a research report on Thursday, July 31st. They set a "buy" rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $35.63.

Galaxy Digital Price Performance

Shares of GLXY stock opened at $27.90 on Wednesday. The stock has a fifty day simple moving average of $23.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $33.17.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to the consensus estimate of $13.11 billion.

Insider Activity

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total value of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the completion of the transaction, the insider owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. This represents a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,068,671 shares of company stock valued at $186,216,900.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at $26,000. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at $32,000. Centerpoint Advisors LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital in the second quarter valued at $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Galaxy Digital in the second quarter valued at $37,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.