Galaxy Digital (NASDAQ:GLXY) Price Target Raised to $57.00

Key Points

• Benchmark analysts raised the price target for Galaxy Digital from $40.00 to $57.00, indicating a potential upside of 32.99% based on its previous close.
• Galaxy Digital recently reported earnings of $0.08 EPS, exceeding expectations, although its revenue of $8.66 billion fell short of the projected $13.11 billion.
• Insider selling was notable, with several directors offloading shares, and insiders collectively sold over 4 million shares worth approximately $146.85 million in the last quarter.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its target price upped by analysts at Benchmark from $40.00 to $57.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price target indicates a potential upside of 32.99% from the company's previous close.

Several other research firms also recently weighed in on GLXY. Canaccord Genuity Group increased their target price on Galaxy Digital from $34.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday. Rosenblatt Securities increased their target price on Galaxy Digital from $35.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday. Weiss Ratings reiterated a "hold (c-)" rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Jefferies Financial Group assumed coverage on Galaxy Digital in a research report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $44.63.

Galaxy Digital Stock Performance

Shares of NASDAQ:GLXY opened at $42.86 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. Galaxy Digital has a 52-week low of $8.20 and a 52-week high of $45.92. The firm has a fifty day moving average of $31.43.

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 (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.14. The company had revenue of $8.66 billion during the quarter, compared to analysts' expectations of $13.11 billion.

Insider Buying and Selling

In other news, Director Medina Rhonda Adams sold 33,333 shares of the stock in a transaction dated 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 owned 112,053 shares in the company, valued at approximately $3,342,540.99. This trade represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard Tavoso sold 50,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $28.28, for a total value of $1,414,000.00. Following the completion of the sale, the director owned 400,000 shares of the company's stock, valued at approximately $11,312,000. This trade represents a 11.11% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,183,333 shares of company stock worth $146,851,323.

Institutional Investors Weigh In On Galaxy Digital

A number of large investors have recently modified their holdings of GLXY. CWM LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $26,000. Manchester Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $32,000. Centerpoint Advisors LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $33,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $34,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $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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