The Goldman Sachs Group Cuts Galaxy Digital (NASDAQ:GLXY) Price Target to $21.00

Galaxy Digital (NASDAQ:GLXY) had its price objective reduced by stock analysts at The Goldman Sachs Group from $24.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 9.52% from the stock’s previous close.

Several other equities research analysts have also recently commented on GLXY. Rosenblatt Securities reaffirmed a “buy” rating and set a $46.00 target price on shares of Galaxy Digital in a research note on Friday, January 30th. Morgan Stanley cut their price target on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. Citigroup lifted their price objective on shares of Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Wednesday, March 18th. Finally, HC Wainwright cut their target price on shares of Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Trading Up 2.9%

GLXY traded up $0.55 during trading on Wednesday, reaching $19.18. 1,964,274 shares of the stock traded hands, compared to its average volume of 6,399,583. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average is $21.39 and its 200 day moving average is $27.35. Galaxy Digital has a 12 month low of $9.10 and a 12 month high of $45.92. The stock has a market capitalization of $7.46 billion and a PE ratio of 158.23.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping the consensus estimate of ($1.24) by $0.16. The business had revenue of $10.22 billion during the quarter, compared to the consensus estimate of $13.08 billion.

Insider Buying and Selling

In other news, Director Douglas R. Deason acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the acquisition, the director directly owned 59,000 shares in the company, valued at $1,227,200. The trade was a 73.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

Institutional Trading of Galaxy Digital

Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC increased its position in shares of Galaxy Digital by 173.8% during the fourth quarter. SG Americas Securities LLC now owns 252,558 shares of the company’s stock worth $5,647,000 after acquiring an additional 160,305 shares in the last quarter. Vanguard Group Inc. lifted its position in Galaxy Digital by 15.5% in the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after acquiring an additional 2,179,540 shares in the last quarter. Rovida Investment Management Ltd boosted its stake in Galaxy Digital by 21.2% during the 3rd quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company’s stock valued at $62,890,000 after purchasing an additional 325,000 shares during the last quarter. Soros Fund Management LLC acquired a new position in Galaxy Digital during the 2nd quarter valued at about $6,807,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Galaxy Digital during the 3rd quarter worth approximately $9,128,000.

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.