Galaxy Digital Inc. (NASDAQ:GLXY) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Galaxy Digital has a “Moderate Buy” consensus rating from 14 analysts: 10 buys, two holds and two sells. The average 12-month price target is $38.67, although recent targets range from $30 to $37.
• Company directors recently increased their holdings by purchasing a combined 17,100 shares, while insiders collectively own 51.53% of the stock. Institutional investors, including California State Teachers Retirement System, also expanded their positions.
• GLXY opened at $22.84 after declining 3.4%, well below its $45.92 one-year high. Its latest quarterly loss of $0.09 per share beat analyst expectations, but analysts still forecast a full-year loss of $0.82 per share.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) have received an average recommendation of "Moderate Buy" from the fourteen ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $38.6667.

A number of analysts recently weighed in on GLXY shares. Piper Sandler reduced their price objective on shares of Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating on the stock in a research note on Friday, July 17th. Morgan Stanley restated an "overweight" rating and set a $37.00 price objective on shares of Galaxy Digital in a report on Wednesday, April 29th. Wall Street Zen raised shares of Galaxy Digital from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 2nd. Zacks Research lowered shares of Galaxy Digital from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason bought 12,000 shares of Galaxy Digital stock in a transaction on Wednesday, August 12th. The shares were purchased at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the acquisition, the director owned 71,000 shares in the company, valued at approximately $1,529,340. The trade was a 20.34% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven John Bandrowczak bought 5,100 shares of the firm's stock in a transaction on Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, with a total value of $100,113.00. Following the completion of the purchase, the director owned 39,186 shares of the company's stock, valued at approximately $769,221.18. This trade represents a 14.96% increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors have recently modified their holdings of GLXY. California State Teachers Retirement System increased its stake in Galaxy Digital by 2,735.0% during the 2nd quarter. California State Teachers Retirement System now owns 6,074,538 shares of the company's stock worth $166,078,000 after purchasing an additional 5,860,265 shares in the last quarter. Compass Financial Management LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth approximately $120,000. FirstWave Capital Management LLC bought a new position in Galaxy Digital in the second quarter valued at approximately $1,262,000. TD Waterhouse Canada Inc. lifted its stake in Galaxy Digital by 81.6% in the second quarter. TD Waterhouse Canada Inc. now owns 9,231 shares of the company's stock valued at $239,000 after buying an additional 4,148 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of Galaxy Digital in the second quarter valued at approximately $308,000.

Galaxy Digital Trading Down 3.4%

NASDAQ:GLXY opened at $22.84 on Tuesday. Galaxy Digital has a 1-year low of $16.43 and a 1-year high of $45.92. The business's 50-day moving average price is $24.45 and its two-hundred day moving average price is $24.45. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $8.93 billion, a price-to-earnings ratio of -35.14 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same quarter in the previous year, the firm posted $0.08 earnings per share. On average, equities analysts expect that Galaxy Digital will post -0.82 earnings per share for the current year.

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.

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