Why Is Galaxy Digital Stock Surging on Tuesday?

Galaxy Digital Inc. (NASDAQ:GLXY) stock surged more than 12.4% on Tuesday, rebounding from a crypto-driven decline on Monday. The move tracks a recovery in digital asset valuations alongside gains in broader equity benchmarks.

Bitcoin (CRYPTO: BTC) rose 1.26%, adding $963.54 over the last 24 hours to reach $77,637 on Tuesday. Broader equities also advanced, with the Nasdaq up 0.78%, the S&P 500 gaining 0.37% and the Russell 2000 rising 0.60%. Technology gained 1.45%, whereas Financials fell 0.71%.

Session volume stood at 2.835 million, compared to a 100-day average volume of 6.421 million. Short interest currently accounts for 23.768 million shares, representing 10.76% of the float, according to Benzinga Pro.

Crypto Market Rebound

Tuesday’s recovery follows a difficult start to the week. Galaxy Digital stock fell more than 7% on Monday as market weakness and selling pressure weighed on the digital asset sector. Pressure originally mounted amid reports of a security breach involving Binance (CRYPTO: BNB). According to the report, Binance disclosed on X that unauthorized actors withdrew about $6.3 billion during a Thursday incident.

Analyst Consensus

According to Benzinga, analyst sentiment toward Galaxy Digital remains strongly positive, with all 14 analysts maintaining either a Buy or Strong Buy recommendation. The consensus rating is Buy, comprising 1 Strong Buy, 12 Buy, and 1 Hold rating. Analysts have an average price target of $36, implying potential upside of approximately 121%.

Recent analyst actions reflect a mix of maintained ratings and reduced price targets. On Oct. 29, Chardan Capital maintained a Buy rating but lowered the price forecast from $35 to $27. On Oct. 28, Canaccord Genuity and Rosenblatt maintained their Buy ratings, with price forecasts of $50 and $30, respectively. Meanwhile, HC Wainwright & Co. maintained a Buy rating but cut its price forecast from $40 to $36.

Technical Analysis

Even after Tuesday’s pop, GLXY is still trading 5.7% below its 20-day SMA ($17.46) and 31.6% below its 200-day SMA ($24.05), so the bigger-picture trend remains bearish. The 20-day SMA is also below the 50-day SMA, and the death cross that formed in August (50-day falling under the 200-day) continues to frame rallies as counter-trend until price can reclaim key moving averages.

GLXY Stock Price Activity: Galaxy Digital shares were up 11.14% at $16.21 at the time of publication on Tuesday, according to Benzinga Pro data.

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