Galaxy Digital (NASDAQ:GLXY – Free Report) had its price objective decreased by Morgan Stanley from $43.00 to $27.00 in a research report report published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.
Other research analysts have also recently issued reports about the stock. Maxim Group decreased their target price on shares of Galaxy Digital from $46.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a research report on Wednesday, October 28th. BTIG Research decreased their price objective on Galaxy Digital from $45.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Citigroup upgraded shares of Galaxy Digital from a “neutral” rating to a “buy” rating and increased their target price for the company from $26.00 to $28.00 in a research report on Tuesday, October 13th. Finally, Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.96.
Check Out Our Latest Analysis on Galaxy Digital
Galaxy Digital Stock Performance
Galaxy Digital stock opened at $15.97 on Monday. The business’s 50-day moving average price is $20.33 and its two-hundred day moving average price is $23.56. Galaxy Digital has a 12-month low of $11.78 and a 12-month high of $36.10. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04.
Galaxy Digital (NASDAQ:GLXY – Get Free Report) last issued its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. The company had revenue of $8.69 billion during the quarter.
Insider Buying and Selling
In other news, Director Medina Adams sold 12,000 shares of the firm’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $16.45, for a total transaction of $197,400.00. Following the transaction, the director owned 107,919 shares in the company, valued at approximately $1,775,267.55. This trade represents a 10.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew W. Friedrich sold 4,993 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the sale, the insider directly owned 275,782 shares of the company’s stock, valued at $7,454,387.46. The trade was a 1.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 51.53% of the stock is owned by company insiders.
Hedge Funds Weigh In On Galaxy Digital
Large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new position in shares of Galaxy Digital in the second quarter worth about $1,456,000. State Street Corp lifted its stake in Galaxy Digital by 99.7% in the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock valued at $104,821,000 after acquiring an additional 1,913,688 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Galaxy Digital by 67.5% during the 2nd quarter. Squarepoint Ops LLC now owns 144,335 shares of the company’s stock worth $3,946,000 after buying an additional 58,161 shares during the period. Bank of America Corp DE increased its holdings in shares of Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after purchasing an additional 605,986 shares during the period. Finally, Riposte Capital LLC bought a new position in Galaxy Digital in the first quarter valued at about $2,952,000.
Galaxy Digital Company Profile
Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.
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