Galaxy Digital (NASDAQ:GLXY) Given New $36.00 Price Target at Rosenblatt Securities

Key Points

• Rosenblatt Securities has raised its price target for Galaxy Digital from $25.00 to $36.00, indicating a potential upside of 12.89% from the stock's previous close.
• Several analysts, including Piper Sandler and Jefferies Financial Group, have given buy ratings for Galaxy Digital, with an average price target of $35.00 across the board.
• Insider transactions show significant sales, with General Counsel Andrew N. Siegel and COO Erin Elizabeth Brown decreasing their ownership significantly, totaling losses exceeding $10 million in stock sales.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its price objective boosted by research analysts at Rosenblatt Securities from $25.00 to $36.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Rosenblatt Securities' price objective indicates a potential upside of 33.14% from the stock's previous close.

GLXY has been the topic of several other research reports. Canaccord Genuity Group reissued a "buy" rating and issued a $33.00 price target on shares of Galaxy Digital in a report on Thursday, July 3rd. Jefferies Financial Group began coverage on Galaxy Digital in a research note on Wednesday, July 23rd. They set a "buy" rating and a $35.00 target price on the stock. Atb Cap Markets raised Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Finally, Piper Sandler lifted their target price on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $35.00.

Galaxy Digital Trading Down 8.6%

Shares of GLXY traded down $2.56 during mid-day trading on Friday, hitting $27.04. The stock had a trading volume of 9,177,616 shares, compared to its average volume of 2,745,582. Galaxy Digital has a fifty-two week low of $6.89 and a fifty-two week high of $33.17. The company's fifty day moving average price is $21.83.

Insider Transactions at Galaxy Digital

In other news, COO Erin Elizabeth Brown sold 353,956 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $6,406,603.60. Following the completion of the sale, the chief operating officer owned 198,088 shares in the company, valued at $3,585,392.80. This represents a 64.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the business's stock in a transaction on Thursday, May 29th. The stock was 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 $26,026,370.10. This trade represents a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,668,671 shares of company stock worth $175,359,900.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GLXY. CWM LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $26,000. DHJJ Financial Advisors Ltd. bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $34,000. SJS Investment Consulting Inc. bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $77,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $79,000. Finally, IFP Advisors Inc bought a new stake in shares of Galaxy Digital during the 2nd quarter worth about $84,000.

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.