Galaxy Digital (NASDAQ:GLXY) Price Target Raised to $50.00 at BTIG Research

Key Points

• BTIG Research has raised the price target for Galaxy Digital (NASDAQ:GLXY) from $35.00 to $50.00, indicating a potential upside of 16.20% from its previous close.
• The stock has received a consistent "buy" rating from multiple analysts, with an average price target of $40.50.
• Shares of Galaxy Digital saw an 8.5% increase, reaching $43.03, following the positive analyst reports.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its target price increased by research analysts at BTIG Research from $35.00 to $50.00 in a report released on Tuesday,Briefing.com Automated Import reports. The firm currently has a "buy" rating on the stock. BTIG Research's price objective would indicate a potential upside of 16.20% from the stock's previous close.

A number of other research firms also recently commented on GLXY. Canaccord Genuity Group boosted their target price on Galaxy Digital from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Maxim Group assumed coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price objective on the stock. Weiss Ratings restated a "hold (c-)" rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Piper Sandler upped their price objective on Galaxy Digital from $36.00 to $42.00 and gave the company an "overweight" rating in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Galaxy Digital currently has an average rating of "Buy" and an average price target of $40.50.

Galaxy Digital Trading Up 8.5%

Shares of NASDAQ:GLXY traded up $3.38 during trading on Tuesday, reaching $43.03. The company had a trading volume of 15,696,750 shares, compared to its average volume of 4,473,467. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The firm's fifty day moving average price is $31.13. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping 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 related news, Director Richard Tavoso sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $28.28, for a total value of $1,414,000.00. Following the sale, the director directly owned 400,000 shares in the company, valued at $11,312,000. This trade represents a 11.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Medina Rhonda Adams sold 33,333 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the sale, the director owned 112,053 shares in the company, valued at approximately $3,342,540.99. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,183,333 shares of company stock valued at $146,851,323 in the last three months.

Institutional Trading of Galaxy Digital

Large investors have recently added to or reduced their stakes in the business. CWM LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $26,000. Manchester Capital Management LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $32,000. Centerpoint Advisors LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $37,000.

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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