Galaxy Digital (NASDAQ:GLXY) Given New $26.00 Price Target at The Goldman Sachs Group

Galaxy Digital (NASDAQ:GLXY) had its price objective cut by stock analysts at The Goldman Sachs Group from $30.00 to $26.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 0.04% from the stock’s previous close.

Several other equities research analysts have also commented on GLXY. Rosenblatt Securities upped their price objective on Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Benchmark upped their price target on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Wall Street Zen raised Galaxy Digital from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Morgan Stanley initiated coverage on Galaxy Digital in a research note on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective for the company. Finally, Piper Sandler increased their target price on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $42.89.

Galaxy Digital Stock Performance

GLXY stock traded down $1.58 during midday trading on Friday, reaching $25.99. 3,673,667 shares of the company’s stock traded hands, compared to its average volume of 5,207,280. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a 52-week low of $8.20 and a 52-week high of $45.92. The stock has a market cap of $10.15 billion and a P/E ratio of 21.66. The stock’s 50-day moving average is $33.15 and its 200 day moving average is $27.55.

Insider Activity at Galaxy Digital

In related news, CEO Michael Novogratz sold 3,000,000 shares of the company’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Medina Rhonda Adams sold 33,333 shares of Galaxy Digital stock in a transaction on Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the completion of the sale, the director owned 112,053 shares in the company, valued at approximately $3,342,540.99. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,783,333 shares of company stock worth $135,994,323 over the last ninety days.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL raised its holdings in shares of Galaxy Digital by 239.0% during the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 12,181 shares of the company’s stock worth $412,000 after acquiring an additional 8,588 shares in the last quarter. IFP Advisors Inc increased its position in Galaxy Digital by 40.6% in the third quarter. IFP Advisors Inc now owns 5,388 shares of the company’s stock worth $182,000 after purchasing an additional 1,555 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in Galaxy Digital during the third quarter valued at $228,000. CIBC Bancorp USA Inc. purchased a new position in shares of Galaxy Digital in the 3rd quarter worth approximately $401,000. Finally, Faithward Advisors LLC bought a new position in shares of Galaxy Digital during the 3rd quarter valued at approximately $1,664,000.

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.