Galaxy Digital (NASDAQ:GLXY) Given Buy Rating at Canaccord Genuity Group

Galaxy Digital (NASDAQ:GLXY)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $50.00 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 66.89% from the company’s previous close.

GLXY has been the topic of several other research reports. JMP Securities set a $60.00 target price on shares of Galaxy Digital in a research report on Tuesday, December 9th. Citizens Jmp initiated coverage on shares of Galaxy Digital in a research note on Tuesday, December 9th. They issued a “market outperform” rating and a $60.00 price target on the stock. Morgan Stanley initiated coverage on Galaxy Digital in a report on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Finally, Benchmark increased their price objective on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Galaxy Digital presently has a consensus rating of “Buy” and a consensus target price of $46.09.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY opened at $29.96 on Friday. The company has a market capitalization of $11.70 billion and a PE ratio of 24.97. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The company’s fifty day moving average price is $26.86 and its 200 day moving average price is $29.36. Galaxy Digital has a 1 year low of $8.20 and a 1 year high of $45.92.

Insider Buying and Selling at Galaxy Digital

In other news, Director Douglas R. Deason purchased 10,000 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were bought at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the purchase, the director directly owned 10,000 shares of the company’s stock, valued at approximately $295,900. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC grew its stake in shares of Galaxy Digital by 20.8% in the third quarter. CWM LLC now owns 1,419 shares of the company’s stock worth $48,000 after acquiring an additional 244 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Galaxy Digital by 2.1% in the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock valued at $663,000 after purchasing an additional 411 shares during the period. Belpointe Asset Management LLC grew its stake in Galaxy Digital by 6.8% during the 3rd quarter. Belpointe Asset Management LLC now owns 13,641 shares of the company’s stock worth $461,000 after purchasing an additional 867 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Galaxy Digital by 6.7% during the 3rd quarter. Raymond James Financial Inc. now owns 13,768 shares of the company’s stock worth $465,000 after purchasing an additional 868 shares during the period. Finally, ORG Partners LLC increased its holdings in Galaxy Digital by 1,110.0% during the 3rd quarter. ORG Partners LLC now owns 968 shares of the company’s stock worth $36,000 after purchasing an additional 888 shares during the period.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.