Galaxy Digital (NASDAQ:GLXY) Upgraded to Hold at Wall Street Zen

Key Points

• Galaxy Digital has been upgraded by Wall Street Zen from a "sell" to a "hold" rating, reflecting a positive shift in analyst sentiment.
• While several analysts rate the stock as "buy," it currently has an average price target of $35.63, indicating potential growth from current levels.
• CEO Michael Novogratz recently sold over 4.3 million shares of the company, significantly reducing his ownership stake, which raises questions about insider confidence.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

GLXY has been the topic of several other research reports. The Goldman Sachs Group began coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They set a "neutral" rating and a $30.00 price objective on the stock. Piper Sandler boosted their target price on shares of Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. 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 note on Thursday, August 7th. Benchmark increased their target price on shares of Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Rosenblatt Securities cut their target price on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Galaxy Digital presently has an average rating of "Buy" and a consensus target price of $35.63.

Galaxy Digital Stock Down 10.0%

Shares of NASDAQ GLXY traded down $2.69 during midday trading on Friday, reaching $24.10. The company's stock had a trading volume of 8,569,541 shares, compared to its average volume of 3,407,999. 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 stock has a 50 day moving average price of $23.92. Galaxy Digital has a one year low of $8.20 and a one year high of $33.17.

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

Insider Activity at Galaxy Digital

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard Tavoso sold 50,000 shares of the company's stock in a transaction on 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 transaction, the director directly owned 400,000 shares in the company, valued at approximately $11,312,000. The trade was a 11.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,980,967 shares of company stock valued at $184,272,503 over the last ninety days.

Hedge Funds Weigh In On Galaxy Digital

Large investors have recently modified their holdings of the stock. CWM LLC bought a new position in shares of Galaxy Digital during the 2nd quarter valued at approximately $26,000. Manchester Capital Management LLC bought a new position in Galaxy Digital in the 2nd quarter valued at $32,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital in the 2nd quarter valued at $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital in the 2nd quarter valued at $34,000. Finally, TD Waterhouse Canada Inc. bought a new position in Galaxy Digital in the 2nd quarter valued at $37,000.

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.