Galaxy Digital (NASDAQ:GLXY) Now Covered by Maxim Group

Key Points

• Maxim Group has initiated coverage on shares of Galaxy Digital, setting a "buy" rating with a price target of $40.00, indicating a potential upside of 38.41% from its last close.
• A consensus rating of "Moderate Buy" has emerged, with one sell, one hold, and several buy ratings leading to an average price target of $35.00.
• CEO Michael Novogratz significantly reduced his stake by selling over 4.3 million shares, reflecting a 92.62% decrease in ownership.

Maxim Group began coverage on shares of Galaxy Digital (NASDAQ:GLXY - Free Report) in a research note published on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $40.00 price target on the stock.

A number of other research firms also recently weighed in on GLXY. Jefferies Financial Group initiated coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 target price for the company. Rosenblatt Securities upped their target price on shares of Galaxy Digital from $25.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Atb Cap Markets raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Wall Street Zen upgraded shares of Galaxy Digital to a "sell" rating in a research report on Friday, July 18th. Finally, The Goldman Sachs Group began coverage on Galaxy Digital in a research note on Thursday. They set a "neutral" rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.00.

Galaxy Digital Trading Up 7.5%

GLXY traded up $2.01 during midday trading on Thursday, hitting $28.89. The company had a trading volume of 8,019,296 shares, compared to its average volume of 2,950,224. Galaxy Digital has a twelve month low of $6.89 and a twelve month high of $33.17. The firm has a 50-day moving average price of $22.22.

Insiders Place Their Bets

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of Galaxy Digital stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $22,625,000.00. Following the sale, the insider directly owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. The trade was a 46.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Erin Elizabeth Brown sold 353,956 shares of the firm's stock in a transaction 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 sale, the chief operating officer directly 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 disclosure for this sale can be found here. Insiders have sold a total of 9,668,671 shares of company stock valued at $175,359,900 over the last 90 days.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently bought and sold shares of the business. Harbour Capital Advisors LLC bought a new position in shares of Galaxy Digital in the second quarter worth $349,000. AdvisorNet Financial Inc acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at approximately $125,000. SJS Investment Consulting Inc. acquired a new stake in shares of Galaxy Digital during the 2nd quarter worth approximately $77,000. Accurate Wealth Management LLC bought a new position in Galaxy Digital in the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Galaxy Digital during the second quarter valued at approximately $79,000.

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.