Piper Sandler Forecasts Strong Price Appreciation for Galaxy Digital (NASDAQ:GLXY) Stock

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its price target hoisted by research analysts at Piper Sandler from $34.00 to $36.00 in a research report issued to clients and investors on Monday, July 21st, Marketbeat Ratings reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's target price points to a potential upside of 20.64% from the company's previous close.

Other research analysts have also recently issued reports about the stock. HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Canaccord Genuity Group reiterated a "buy" rating and set a $33.00 target price on shares of Galaxy Digital in a report on Thursday, July 3rd. Rosenblatt Securities initiated coverage on Galaxy Digital in a research report on Tuesday, June 24th. They issued a "buy" rating and a $25.00 price target on the stock. Atb Cap Markets raised Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Finally, Wall Street Zen raised Galaxy Digital to a "sell" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $35.00.

Galaxy Digital Trading Down 2.5%

GLXY traded down $0.75 during trading on Monday, reaching $29.84. The stock had a trading volume of 6,116,958 shares, compared to its average volume of 2,691,297. The firm's 50 day simple moving average is $21.67. Galaxy Digital has a one year low of $6.89 and a one year high of $33.17.

Insiders Place Their Bets

In other news, CEO Michael Novogratz sold 4,380,967 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the sale, the chief executive officer owned 348,921 shares of the company's stock, valued at $6,315,470.10. This trade represents a 92.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the transaction, the insider directly owned 1,437,921 shares of the company's stock, valued at $26,026,370.10. The trade was a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,668,671 shares of company stock valued at $175,359,900.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Concurrent Investment Advisors LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at $299,000. IFP Advisors Inc purchased a new position in Galaxy Digital during the second quarter valued at $84,000. RFG Advisory LLC bought a new stake in Galaxy Digital during the second quarter valued at about $898,000. Vontobel Holding Ltd. purchased a new stake in Galaxy Digital in the second quarter worth about $766,000. Finally, Sage Advisors LLC bought a new position in shares of Galaxy Digital in the second quarter worth about $256,000.

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.