Galaxy Digital (GLXY) Shares Pull Back Friday: What's Going On?

Shares of digital asset financial services firm Galaxy Digital Inc (NASDAQ:GLXY) are trading lower Friday afternoon, bucking the positive sentiment from a new analyst price target hike. The decline could be linked to profit-taking following a rally earlier in the week.

What To Know: On Friday, Rosenblatt analyst Chris Brendler maintained a Buy rating on Galaxy, while raising the firm's price target on the stock to $36 from $25. This move signals strong continued confidence from Wall Street in the company’s trajectory.

The endorsement from Rosenblatt follows a wave of bullish news that propelled the stock higher this week. The rally began Monday after Galaxy announced a strategic partnership with K Wave Media to act as an asset manager for its expanding Bitcoin (CRYPTO: BTC) treasury strategy.

The positive momentum was amplified by analyst actions. On Monday, Piper Sandler maintained its Overweight rating and lifted its price target to $36. On Wednesday, Jefferies initiated coverage with a Buy rating and a $35 price target.

Both firms highlighted the potential of Galaxy's Helios data center in Texas, with Jefferies noting the stock could be worth as much as $43 per share if the site's full power capacity is approved.

Price Action: According to data from Benzinga Pro, GLXY shares are trading lower by 4% to $30.64 Friday afternoon. The stock has a 52-week high of $33.17 and a 52-week low of $6.89.

Read Also: Bitcoin Halving Cycles? No Longer Key, Says Bitwise’s Matt Hougan

How To Buy GLXY Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Galaxy Digital’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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