Galaxy Digital (NASDAQ:GLXY) Given New $39.00 Price Target at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised Galaxy Digital's price target from $34.00 to $39.00, maintaining a "neutral" rating, which suggests a potential downside from the stock's previous close.
• Galaxy Digital's recent quarterly earnings showed a profit of $0.08 per share, exceeding analysts' estimates, but revenue fell short of expectations at $8.66 billion.
• Insider trading activity has been notable, with key executives selling over 433,000 shares worth approximately $11.85 million in the last ninety days.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its price target raised by equities research analysts at The Goldman Sachs Group from $34.00 to $39.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective points to a potential downside of 5.57% from the company's previous close.

Several other research firms have also issued reports on GLXY. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Galaxy Digital in a report on Wednesday, October 8th. Benchmark upped their price objective on shares of Galaxy Digital from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Piper Sandler upped their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. Finally, BTIG Research reiterated a "buy" rating and issued a $35.00 price objective on shares of Galaxy Digital in a report on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $37.50.

Galaxy Digital Price Performance

NASDAQ:GLXY traded up $0.07 on Tuesday, reaching $41.30. 4,925,823 shares of the company's stock traded hands, compared to its average volume of 4,346,338. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock's 50-day moving average is $29.91. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $44.33.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14. The firm had revenue of $8.66 billion for the quarter, compared to analysts' expectations of $13.11 billion.

Insider Activity

In other Galaxy Digital news, Director Medina Rhonda Adams sold 33,333 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the transaction, the director owned 112,053 shares of the company's stock, valued at $3,342,540.99. This trade represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Erin Elizabeth Brown sold 350,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the sale, the chief operating officer directly owned 198,088 shares of the company's stock, valued at approximately $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 433,333 shares of company stock worth $11,851,323 over the last ninety days.

Institutional Trading of Galaxy Digital

Hedge funds have recently bought and sold shares of the company. CWM LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $26,000. Manchester Capital Management LLC purchased a new position in shares of Galaxy Digital in the second quarter worth approximately $32,000. Centerpoint Advisors LLC purchased a new position in Galaxy Digital during the second quarter valued at approximately $33,000. DHJJ Financial Advisors Ltd. purchased a new position in Galaxy Digital during the second quarter valued at approximately $34,000. Finally, TD Waterhouse Canada Inc. purchased a new position in Galaxy Digital during the second quarter valued at approximately $37,000.

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.

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