Galaxy Digital Inc. (NASDAQ:GLXY) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Galaxy Digital Inc. has a consensus rating of "Buy" from ten brokerages, with an average 12-month price target of $35.6250.
• Recent insider activity includes Director Richard Tavoso selling 50,000 shares for $1.414 million and COO Erin Elizabeth Brown selling 350,000 shares valued at $9.443 million.
• The company's latest earnings report showed a profit of $0.08 per share, exceeding expectations, but revenue of $8.66 billion fell short of analyst forecasts.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) has been assigned a consensus recommendation of "Buy" from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $35.6250.

Several analysts have recently weighed in on the stock. Canaccord Genuity Group lifted their target price on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Rosenblatt Securities lowered their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen raised shares of Galaxy Digital from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. The Goldman Sachs Group assumed coverage on shares of Galaxy Digital in a report on Thursday, July 31st. They issued a "neutral" rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 target price on the stock.

Insider Activity

In related news, Director Richard Tavoso sold 50,000 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $28.28, for a total value of $1,414,000.00. Following the completion of the sale, the director owned 400,000 shares in the company, valued at $11,312,000. This trade represents a 11.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Erin Elizabeth Brown sold 350,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the sale, the chief operating officer owned 198,088 shares of the company's stock, valued at $5,344,414.24. This trade represents a 63.86% decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SevenBridge Financial Group LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $296,000. Osaic Holdings Inc. acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $632,000. Orion Porfolio Solutions LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $217,000. Marex Group plc acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $712,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $1,203,000.

Galaxy Digital Price Performance

Shares of Galaxy Digital stock opened at $24.22 on Tuesday. Galaxy Digital has a 1 year low of $8.20 and a 1 year high of $33.17. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock's fifty day simple moving average is $25.32.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.14. The firm had revenue of $8.66 billion during the quarter, compared to analysts' expectations of $13.11 billion.

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.

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