Rosenblatt Securities Raises Galaxy Digital (NASDAQ:GLXY) Price Target to $44.00

Key Points

• Rosenblatt Securities has raised the price target for Galaxy Digital's stock from $35.00 to $44.00, suggesting a potential upside of 16.46% based on the stock's previous close.
• Despite positive analyst ratings, Galaxy Digital's share price has recently seen a 5.3% decline, opening at $37.78 on Monday.
• Insiders have recently sold a significant number of shares, with one director selling 750,000 shares valued at $27 million, leading to a 52.16% decrease in their ownership.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) had its target price upped by analysts at Rosenblatt Securities from $35.00 to $44.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities' price objective suggests a potential upside of 16.46% from the stock's previous close.

GLXY has been the subject of several other research reports. Weiss Ratings restated a "hold (c-)" rating on shares of Galaxy Digital in a report on Wednesday, October 8th. Canaccord Genuity Group boosted their price target on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. BTIG Research reissued a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a report on Tuesday, August 5th. Piper Sandler boosted their price objective on Galaxy Digital from $36.00 to $42.00 and gave the company an "overweight" rating in a research note on Wednesday, October 1st. 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 price target on the stock. Two investment 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 company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $38.63.

Galaxy Digital Trading Down 5.3%

Shares of Galaxy Digital stock opened at $37.78 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $44.33. The business's 50-day moving average price is $30.91.

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

Insider Activity

In other Galaxy Digital news, Director Medina Rhonda Adams sold 33,333 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the transaction, the director directly owned 112,053 shares in the company, valued at $3,342,540.99. This represents a 22.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher C. Ferraro sold 750,000 shares of the company's stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $27,000,000.00. Following the sale, the insider owned 687,921 shares of the company's stock, valued at $24,765,156. This trade represents a 52.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,183,333 shares of company stock worth $146,851,323.

Institutional Inflows and Outflows

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

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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