Why Is GALAXY DIGITAL INC A (GLXY) Stock Up Today?

GLXY stock rose 8.56% to $26.12 in early trading on Thursday, driven by a revised price target from Morgan Stanley. The firm raised its price target to $48 from $37, signaling increased confidence in Galaxy Digital's potential. The stock opened at $24.15 and climbed to a session high of $26.15 before settling near $26.11.

What Happened

Morgan Stanley’s updated price target was the catalyst for the sharp intraday move. The firm maintained its Overweight rating, citing strategic developments and operational momentum. Meanwhile, Galaxy Digital announced a new feature allowing users to borrow against their Bitcoin, Ethereum, and Solana holdings, which may have contributed to investor optimism. The stock’s performance also followed recent insider activity, including two director purchases totaling $359,000 in the last 90 days.

What The Data Shows

The stock traded at 0.2x its 3-month average volume, with 1.2 million shares exchanged. Despite the rally, the stock remains unprofitable, with a trailing twelve-month net margin of -0.4% and an earnings per share of -0.98. Galaxy Digital’s revenue grew 24.2% year to date, but its beta of 3.67 indicates high volatility. The stock has traded between $16.43 and $45.92 over the past 52 weeks, and has gained 3.2% over the last eight sessions. Retail traders on X noted a comment from Galaxy’s Alex Thorn on a blockchain exploit, which may have added to short-term attention.

What To Watch

Galaxy Digital has no earnings report scheduled in the near term. Investors should monitor coverage breadth and any further analyst revisions as the stock approaches key resistance levels.