Galaxy Digital (NASDAQ:GLXY) Earns Neutral Rating from Analysts at The Goldman Sachs Group

Key Points

• Goldman Sachs Group has initiated coverage on Galaxy Digital with a "neutral" rating and a price target of $30.00, suggesting a potential upside of 3.81% from its current price.
• Galaxy Digital has received varying ratings from analysts, ranging from "sell" to "strong buy," with a consensus rating of "Moderate Buy" and an average price target of $34.00.
• Recent insider sales have raised concerns, with executives selling a combined total of 9,668,671 shares valued at approximately $175.36 million over the last quarter.

Investment analysts at The Goldman Sachs Group began coverage on shares of Galaxy Digital (NASDAQ:GLXY - Get Free Report) in a research note issued on Thursday, Marketbeat.com reports. The brokerage set a "neutral" rating and a $30.00 price target on the stock. The Goldman Sachs Group's price target would indicate a potential upside of 2.18% from the stock's previous close.

GLXY has been the subject of several other reports. Piper Sandler boosted their target price on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, July 21st. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $33.00 price objective on shares of Galaxy Digital in a research note on Thursday, July 3rd. Rosenblatt Securities upped their price objective on Galaxy Digital from $25.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Wall Street Zen raised Galaxy Digital to a "sell" rating in a research note on Friday, July 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Galaxy Digital Price Performance

NASDAQ:GLXY traded up $2.48 during trading hours on Thursday, hitting $29.36. The company's stock had a trading volume of 6,048,468 shares, compared to its average volume of 2,927,476. The company has a fifty day simple moving average of $22.22. Galaxy Digital has a 52-week low of $6.89 and a 52-week high of $33.17.

Insider Transactions at Galaxy Digital

In other news, General Counsel Andrew N. Siegel sold 223,169 shares of the firm'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 in the company, valued at $8,686,117.60. This trade represents a 31.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Novogratz sold 4,380,967 shares of Galaxy Digital stock in a transaction that occurred 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 transaction, the chief executive officer owned 348,921 shares of the company's stock, valued at $6,315,470.10. This represents a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,668,671 shares of company stock worth $175,359,900.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Milestone Asset Management Group LLC acquired a new stake in shares of Galaxy Digital during the second quarter worth $5,972,000. Centerpoint Advisors LLC acquired a new stake in shares of Galaxy Digital during the second quarter worth $33,000. Envestnet Asset Management Inc. acquired a new stake in shares of Galaxy Digital during the second quarter worth $1,948,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Galaxy Digital during the second quarter worth $145,000. Finally, FNY Investment Advisers LLC purchased a new stake in Galaxy Digital in the second quarter valued at approximately $60,000.

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.