Galaxy Digital (NASDAQ:GLXY) Receives "Buy" Rating from BTIG Research

Key Points

• BTIG Research reaffirmed a Buy on Galaxy Digital and set a $50 price target, implying roughly a 122.47% upside from the prior close.
• Analyst consensus is a Moderate Buy with a $40.77 average target; breakdown: 1 Strong Buy, 11 Buy, 2 Hold and 1 Sell.
• Director Douglas R. Deason purchased 25,000 shares at $20.80, boosting his holding by about 73.53% to 59,000 shares.

Galaxy Digital (NASDAQ:GLXY - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $50.00 target price on the stock. BTIG Research's price target points to a potential upside of 122.47% from the company's previous close.

GLXY has been the subject of several other reports. Wall Street Zen cut Galaxy Digital from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. Rosenblatt Securities reissued a "buy" rating and set a $46.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. Morgan Stanley lowered their price objective on Galaxy Digital from $43.00 to $36.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 4th. Citigroup boosted their price objective on Galaxy Digital from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 18th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Galaxy Digital presently has an average rating of "Moderate Buy" and a consensus target price of $40.77.

Galaxy Digital Stock Up 3.8%

Shares of GLXY opened at $22.48 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. Galaxy Digital has a one year low of $10.75 and a one year high of $45.92. The stock has a market capitalization of $8.75 billion and a price-to-earnings ratio of 187.29. The stock has a 50 day moving average price of $20.74 and a 200 day moving average price of $27.00.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, topping the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.22 billion for the quarter, compared to analysts' expectations of $13.08 billion.

Insiders Place Their Bets

In related news, Director Douglas R. Deason acquired 25,000 shares of the stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director owned 59,000 shares of the company's stock, valued at approximately $1,227,200. This represents a 73.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On Galaxy Digital

Large investors have recently modified their holdings of the business. SG Americas Securities LLC lifted its stake in shares of Galaxy Digital by 173.8% in the 4th quarter. SG Americas Securities LLC now owns 252,558 shares of the company's stock valued at $5,647,000 after purchasing an additional 160,305 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Galaxy Digital by 15.5% in the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company's stock valued at $547,950,000 after purchasing an additional 2,179,540 shares during the last quarter. Rovida Investment Management Ltd lifted its stake in shares of Galaxy Digital by 21.2% in the 3rd quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company's stock valued at $62,890,000 after purchasing an additional 325,000 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Galaxy Digital in the 3rd quarter valued at $9,128,000. Finally, Polianta Ltd acquired a new position in shares of Galaxy Digital in the 4th quarter valued at $1,379,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.

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