Analysts at The Goldman Sachs Group have revised their price target for Galaxy Digital (NASDAQ:GLXY) from $30.00 to $26.00, according to a research report issued on October 20, 2023. This adjustment reflects a cautious outlook, as the brokerage maintains a “neutral” rating on the stock. The new price target suggests a potential upside of just 0.04% from the company’s previous closing price.
In recent weeks, other analysts have also provided insights into Galaxy Digital’s stock performance. Rosenblatt Securities increased their price target significantly from $35.00 to $44.00 on October 20, rating it as a “buy.” Similarly, Benchmark raised their target from $40.00 to $57.00, also designating it a “buy” on October 22.
Analyst Ratings and Investment Activity
As of now, two analysts have rated Galaxy Digital with a “Strong Buy,” while eight have given it a “Buy” rating and two have opted for a “Hold.” According to MarketBeat.com, the consensus rating for Galaxy Digital remains “Buy,” with an average target price of approximately $42.89.
In a related development, CEO Michael Novogratz sold 3,000,000 shares of Galaxy Digital on October 10, 2023, at an average price of $36.00, amounting to a total transaction of $108,000,000.00. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC). Additionally, director Rhonda Adams sold 33,333 shares on September 12, realizing approximately $994,323.39 from the sale. Following this transaction, Adams retained 112,053 shares valued at about $3,342,540.99, representing a decrease of 22.93% in her ownership.
Over the past ninety days, insiders have sold a total of 3,783,333 shares, valued at $135,994,323.
Institutional Investment Trends
Recent changes in institutional holdings also highlight growing interest in Galaxy Digital. Strategic Investment Solutions Inc. increased its stake by 239.0% during the third quarter, now holding 12,181 shares worth approximately $412,000. Similarly, IFP Advisors Inc. raised its position by 40.6% and now owns 5,388 shares valued at $182,000.
Other institutional investors have also made significant moves. Swiss Life Asset Management Ltd. acquired new shares valued at $228,000, while CIBC Bancorp USA Inc. invested around $401,000. Faithward Advisors LLC also entered the market with a new position worth approximately $1,664,000.
Galaxy Digital Holdings Ltd. operates in the financial services and investment management sectors, focusing on digital assets, cryptocurrency, and blockchain technology. The company segments its operations into Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.
As analysts continue to evaluate Galaxy Digital’s market position, the upcoming months will be crucial in determining investor sentiment and stock performance.
