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 price target increased by research analysts at Benchmark from $38.00 to $40.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm currently has a "buy" rating on the stock. Benchmark's target price would suggest a potential upside of 43.99% from the stock's current price.

A number of other equities analysts also recently weighed in on the stock. BTIG Research reissued a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a report on Tuesday. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Galaxy Digital in a research report on Thursday, July 3rd. Atb Cap Markets upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Maxim Group started coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They set a "buy" rating and a $40.00 price target for the company. Finally, Piper Sandler lifted their price target on shares of Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $35.63.

Galaxy Digital Trading Down 1.1%

Shares of NASDAQ GLXY opened at $27.78 on Wednesday. The business has a 50 day simple moving average of $22.95. Galaxy Digital has a twelve month low of $8.20 and a twelve month high of $33.17.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $13.11 billion.

Insider Buying and Selling

In other Galaxy Digital news, Director Richard Tavoso sold 50,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the sale, the director owned 400,000 shares of the company's stock, valued at $11,312,000. The trade was a 11.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael Novogratz sold 4,380,967 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $18.10, for a total value of $79,295,502.70. Following the sale, the chief executive officer owned 348,921 shares in the company, valued at approximately $6,315,470.10. This represents a 92.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,068,671 shares of company stock valued at $186,216,900.

Institutional Trading of Galaxy Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbour Capital Advisors LLC bought a new position in Galaxy Digital in the 2nd quarter worth about $349,000. AdvisorNet Financial Inc purchased a new stake in shares of Galaxy Digital in the second quarter worth about $125,000. SJS Investment Consulting Inc. bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $77,000. Accurate Wealth Management LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Galaxy Digital during the second quarter valued at approximately $79,000.

About Galaxy Digital

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.