Galaxy Digital’s (GLXY) “Buy” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Galaxy Digital (NASDAQ:GLXY) in a report published on Friday morning,Benzinga reports. The brokerage currently has a $50.00 price objective on the stock.

Several other equities analysts also recently commented on GLXY. Citigroup assumed coverage on shares of Galaxy Digital in a research note on Tuesday, December 9th. They issued an “outperform” rating for the company. Rosenblatt Securities lifted their target price on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a report on Monday, October 20th. Benchmark boosted their target price on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Citizens Jmp initiated coverage on Galaxy Digital in a research report on Tuesday, December 9th. They issued a “market outperform” rating and a $60.00 price target on the stock. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $46.27.

Galaxy Digital Trading Down 5.7%

Shares of GLXY stock opened at $28.26 on Friday. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92. The company has a 50 day moving average price of $26.95 and a 200 day moving average price of $29.41. The stock has a market capitalization of $11.04 billion and a P/E ratio of 23.55. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason purchased 10,000 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was bought at an average cost of $29.59 per share, with a total value of $295,900.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately $295,900. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in GLXY. Vanguard Group Inc. boosted its holdings in Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at $113,435,000. Invesco Ltd. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $53,233,000. Tidal Investments LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth $48,452,000. Finally, Geode Capital Management LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth $43,525,000.

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.