Galaxy Digital Inc. (NASDAQ:GLXY) Receives $31.33 Average Target Price from Analysts

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) has been given a consensus recommendation of "Strong Buy" by the six research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $32.25.

A number of analysts have recently weighed in on GLXY shares. Jefferies Financial Group started coverage on Galaxy Digital in a research report on Wednesday. They set a "buy" rating and a $35.00 target price for the company. Piper Sandler upgraded Galaxy Digital from an "overweight" rating to a "strong-buy" rating and upped their target price for the company from $34.00 to $36.00 in a research report on Monday. Canaccord Genuity Group reiterated a "buy" rating and set a $33.00 target price on shares of Galaxy Digital in a research report on Thursday, July 3rd. Atb Cap Markets upgraded Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, Rosenblatt Securities assumed coverage on Galaxy Digital in a research report on Tuesday, June 24th. They set a "buy" rating and a $25.00 target price for the company.

Galaxy Digital Stock Performance

Shares of NASDAQ:GLXY traded up $1.56 during trading on Monday, reaching $32.59. 10,880,452 shares of the company traded hands, compared to its average volume of 2,605,574. The business's 50 day moving average price is $21.25. Galaxy Digital has a 52 week low of $6.89 and a 52 week high of $33.17.

Insider Activity at Galaxy Digital

In related news, COO Erin Elizabeth Brown sold 353,956 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were 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 of the company's stock, valued at $3,585,392.80. This represents a 64.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the stock in a transaction that occurred 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 directly owned 1,437,921 shares of the company's stock, valued at approximately $26,026,370.10. The trade was a 46.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,668,671 shares of company stock worth $175,359,900 in the last 90 days.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLXY. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital in the second quarter valued at about $34,000. SJS Investment Consulting Inc. bought a new position in Galaxy Digital in the second quarter valued at about $77,000. Strategic Investment Solutions Inc. IL bought a new position in Galaxy Digital in the second quarter valued at about $79,000. IFP Advisors Inc bought a new position in Galaxy Digital in the second quarter valued at about $84,000. Finally, AdvisorNet Financial Inc bought a new position in Galaxy Digital in the second quarter valued at about $125,000.

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.