Galaxy Digital (NASDAQ:GLXY) Hits New 1-Year High on Analyst Upgrade

Key Points

• Galaxy Digital's stock reached a new 52-week high after Rosenblatt Securities upgraded its price target from $35.00 to $44.00 while maintaining a buy rating.
• The company's COO and CEO sold significant amounts of stock recently, with COO Erin Elizabeth Brown selling 350,000 shares and CEO Michael Novogratz selling 3,000,000 shares.
• Galaxy Digital reported earnings of $0.08 per share for the last quarter, surpassing estimates of ($0.06), although revenue fell short of expectations.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $35.00 to $44.00. Rosenblatt Securities currently has a buy rating on the stock. Galaxy Digital traded as high as $45.49 and last traded at $43.94, with a volume of 3726123 shares traded. The stock had previously closed at $39.65.

A number of other research firms have also commented on GLXY. Piper Sandler raised their price target on Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, October 1st. Benchmark raised their price target on Galaxy Digital from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Wall Street Zen raised Galaxy Digital from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Maxim Group began coverage on Galaxy Digital in a research note on Thursday, July 31st. They set a "buy" rating and a $40.00 price objective for the company. Finally, Canaccord Genuity Group lifted their price objective on Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Galaxy Digital presently has a consensus rating of "Buy" and an average price target of $38.63.

Insider Activity

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer owned 198,088 shares in the company, valued at approximately $5,344,414.24. This represents a 63.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Novogratz sold 3,000,000 shares of the business's stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $108,000,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,183,333 shares of company stock worth $146,851,323.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently made changes to their positions in GLXY. CWM LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $32,000. Centerpoint Advisors LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $33,000. DHJJ Financial Advisors Ltd. bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $34,000. Finally, TD Waterhouse Canada Inc. bought a new position in Galaxy Digital in the 2nd quarter valued at approximately $37,000.

Galaxy Digital Price Performance

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 business's 50-day moving average is $31.13.

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

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.

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