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

Key Points

• Analysts have given Galaxy Digital Inc. (NASDAQ:GLXY) an average rating of "Buy", with seven buy recommendations and an average 12-month target price of $35.6250.
• Insider activity shows significant stock sales, with over 10 million shares sold in the last 90 days, reflecting a decrease in insider ownership.
• The company reported earnings of $0.08 per share for the recent quarter, exceeding analysts' expectations, but revenue fell short of estimates at $8.66 billion.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) has been assigned a consensus recommendation of "Buy" from the ten research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $35.6250.

GLXY has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday. Maxim Group initiated coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price objective on the stock. Jefferies Financial Group initiated coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. The Goldman Sachs Group initiated coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "neutral" rating and a $30.00 price objective on the stock. Finally, HC Wainwright upgraded Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th.

Insider Buying and Selling at Galaxy Digital

In other news, COO Erin Elizabeth Brown sold 353,956 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $6,406,603.60. Following the completion of the transaction, the chief operating officer owned 198,088 shares in the company, valued at $3,585,392.80. The trade was a 64.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $4,039,358.90. Following the completion of the transaction, the general counsel owned 479,896 shares of the company's stock, valued at $8,686,117.60. This represents a 31.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,980,967 shares of company stock valued at $184,272,503 in the last ninety days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. CWM LLC bought a new stake in shares of Galaxy Digital in the second quarter worth $26,000. Manchester Capital Management LLC bought a new stake in shares of Galaxy Digital in the second quarter worth $32,000. Centerpoint Advisors LLC bought a new stake in shares of Galaxy Digital in the second quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new stake in shares of Galaxy Digital in the second quarter worth $34,000. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of Galaxy Digital in the second quarter worth $37,000.

Galaxy Digital Price Performance

GLXY traded down $2.19 on Friday, hitting $24.60. 4,249,609 shares of the company were exchanged, compared to its average volume of 3,378,891. The stock's fifty day moving average price is $23.92. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick 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 posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. The company had revenue of $8.66 billion for the quarter, compared to the consensus estimate of $13.11 billion.

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.