The Goldman Sachs Group Initiates Coverage on Galaxy Digital (NASDAQ:GLXY)

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.

Research analysts at The Goldman Sachs Group initiated coverage on shares of Galaxy Digital (NASDAQ:GLXY - Get Free Report) in a report issued on Thursday, Marketbeat.com reports. The firm set a "neutral" rating and a $30.00 price target on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 11.61% from the company's current price.

Other analysts have also issued research reports about the company. Wall Street Zen upgraded Galaxy Digital to a "sell" rating in a report on Friday, July 18th. Piper Sandler upped their target price on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Rosenblatt Securities upped their target price on Galaxy Digital from $25.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Jefferies Financial Group initiated coverage on Galaxy Digital in a report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 target price for the company. Finally, Atb Cap Markets upgraded Galaxy Digital to a "strong-buy" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY traded down $1.54 during trading hours on Thursday, reaching $26.88. The stock had a trading volume of 9,464,865 shares, compared to its average volume of 9,555,869. The company has a fifty day moving average price 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 Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the sale, the insider directly owned 1,437,921 shares of the company's stock, valued at approximately $26,026,370.10. This trade represents a 46.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Andrew N. Siegel sold 223,169 shares of Galaxy Digital stock in a transaction dated 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 sale, the general counsel owned 479,896 shares in the company, valued at approximately $8,686,117.60. The trade was a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,668,671 shares of company stock valued at $175,359,900 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sullivan Wood Capital Management LLC purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at approximately $26,699,000. Milestone Asset Management Group LLC purchased a new stake in shares of Galaxy Digital during the second quarter worth $5,972,000. Envestnet Asset Management Inc. purchased a new stake in shares of Galaxy Digital during the second quarter worth $1,948,000. CORDA Investment Management LLC. acquired a new position in shares of Galaxy Digital during the second quarter worth $1,159,000. Finally, RFG Advisory LLC acquired a new position in shares of Galaxy Digital during the second quarter worth $898,000.

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.