Galaxy Digital (NASDAQ:GLXY) Price Target Raised to $34.00

Key Points

• The Goldman Sachs Group raised its price target for Galaxy Digital from $30.00 to $34.00, maintaining a "neutral" rating, indicating a potential downside of 12.71% from the previous close.
• Galaxy Digital's stock has received mixed ratings from analysts, with two considering it a Strong Buy, seven rating it Buy, and two opting for a Hold position, leading to an average rating of "Buy".
• The company's stock performance shows considerable fluctuation, with a 12-month low of $8.20 and a high of $39.68, recently trading at $38.95.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its price objective upped by analysts at The Goldman Sachs Group from $30.00 to $34.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target points to a potential downside of 12.71% from the stock's previous close.

Other equities research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Galaxy Digital from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Piper Sandler boosted their target price on Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Benchmark increased their price target on shares of Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Maxim Group began coverage on Galaxy Digital in a report on Thursday, July 31st. They set a "buy" rating and a $40.00 price objective on the stock. Finally, Rosenblatt Securities cut their price target on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $36.88.

Galaxy Digital Price Performance

Shares of GLXY traded up $2.79 during trading hours on Monday, reaching $38.95. 5,811,454 shares of the company traded hands, compared to its average volume of 4,212,888. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $39.68. The stock has a fifty day simple moving average of $28.45.

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

Insider Transactions at Galaxy Digital

In other news, Director Richard Tavoso sold 50,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the completion of the transaction, the director directly owned 400,000 shares of the company's stock, valued at approximately $11,312,000. This represents a 11.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Medina Rhonda Adams sold 33,333 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the sale, the director directly owned 112,053 shares of the company's stock, valued at $3,342,540.99. The trade was a 22.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 433,333 shares of company stock worth $11,851,323.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently modified their holdings of the business. Sullivan Wood Capital Management LLC purchased a new stake in shares of Galaxy Digital during the second quarter valued at approximately $26,699,000. Accurate Wealth Management LLC bought a new position in shares of Galaxy Digital in the 2nd quarter valued at about $440,000. Harbour Capital Advisors LLC purchased a new position in Galaxy Digital during the 2nd quarter valued at $349,000. SJS Investment Consulting Inc. bought a new stake in Galaxy Digital during the 2nd quarter valued at about $77,000. Finally, AdvisorNet Financial Inc bought a new position in Galaxy Digital in the second quarter worth approximately $125,000.

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.

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