Galaxy Digital (NASDAQ:GLXY) Shares Gap Up After Analyst Upgrade

Key Points

• Galaxy Digital's share price increased significantly, opening at $38.52 after Goldman Sachs raised their price target from $30.00 to $34.00, while the stock closed at $36.16 the previous day.
• Multiple analysts have issued optimistic ratings, with Benchmark raising their target price to $40.00 and Piper Sandler to $42.00, indicating a strong consensus among analysts that the stock has potential.
• Insider trading activity saw significant sales, with COO Erin Elizabeth Brown selling 350,000 shares for $9.44 million, marking a 63.86% decrease in her ownership.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price gapped up prior to trading on Monday after The Goldman Sachs Group raised their price target on the stock from $30.00 to $34.00. The stock had previously closed at $36.16, but opened at $38.52. The Goldman Sachs Group currently has a neutral rating on the stock. Galaxy Digital shares last traded at $38.69, with a volume of 2,542,720 shares changing hands.

Several other analysts have also weighed in on the company. Benchmark upped their target price on Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Jefferies Financial Group started coverage on shares of Galaxy Digital in a report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 target price for the company. Piper Sandler lifted their target price on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Galaxy Digital in a research report on Saturday, September 27th. Finally, Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $36.88.

Insider Activity

In other news, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the sale, the chief operating officer directly owned 198,088 shares of the company's stock, valued at approximately $5,344,414.24. The trade was a 63.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Tavoso sold 50,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the director owned 400,000 shares in the company, 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. Insiders sold 433,333 shares of company stock worth $11,851,323 over the last ninety days.

Institutional Trading of Galaxy Digital

Hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. bought a new position in Galaxy Digital during the 2nd quarter valued at $113,435,000. Invesco Ltd. acquired a new stake in Galaxy Digital during the second quarter valued at approximately $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital during the 2nd quarter worth approximately $48,452,000. Geode Capital Management LLC acquired a new position in shares of Galaxy Digital in the 2nd quarter worth approximately $43,525,000. Finally, Marshall Wace LLP acquired a new position in shares of Galaxy Digital in the 2nd quarter worth approximately $35,568,000.

Galaxy Digital Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. The company's fifty day moving average is $28.45.

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

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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