Maxim Group Initiates Coverage on Galaxy Digital (NASDAQ:GLXY)

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 initiated coverage on shares of Galaxy Digital (NASDAQ:GLXY - Free Report) in a research report report published on Thursday morning, Marketbeat reports. The brokerage issued a buy rating and a $40.00 price objective on the stock.

Several other research firms also recently weighed in on GLXY. Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a research note on Friday, July 18th. Jefferies Financial Group started coverage on shares of Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective for the company. Rosenblatt Securities upped their price target on Galaxy Digital from $25.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group assumed coverage on Galaxy Digital in a research note on Thursday. They set a "neutral" rating and a $30.00 price objective on the stock. Finally, Piper Sandler raised their target price on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $35.00.

Galaxy Digital Trading Down 5.4%

Galaxy Digital stock traded down $1.54 during midday trading on Thursday, reaching $26.88. The company had a trading volume of 9,464,865 shares, compared to its average volume of 9,555,869. The business has a fifty day moving average of $22.22. Galaxy Digital has a 12-month low of $6.89 and a 12-month high of $33.17.

Insiders Place Their Bets

In other Galaxy Digital news, CEO Michael Novogratz sold 4,380,967 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the completion of the transaction, the chief executive officer owned 348,921 shares of the company's stock, valued at $6,315,470.10. This trade represents a 92.62% 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, General Counsel Andrew N. Siegel sold 223,169 shares of Galaxy Digital stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $4,039,358.90. Following the sale, the general counsel owned 479,896 shares of the company's stock, valued at approximately $8,686,117.60. This represents a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,668,671 shares of company stock worth $175,359,900.

Institutional Trading of Galaxy Digital

Several institutional investors have recently added to or reduced their stakes in the stock. CWM LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at approximately $26,000. Centerpoint Advisors LLC purchased a new position in Galaxy Digital in the 2nd quarter valued at approximately $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital in the second quarter worth $34,000. FNY Investment Advisers LLC purchased a new stake in shares of Galaxy Digital during the second quarter worth $60,000. Finally, SJS Investment Consulting Inc. purchased a new stake in shares of Galaxy Digital during the second quarter worth $77,000.

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.