Galaxy Digital jumps after Morgan Stanley lifts its GLXY price forecast
Galaxy Digital (GLXY) shares rose more than 11% Thursday after Morgan Stanley raised its price forecast to $48 and kept an Overweight rating, as broader crypto markets rallied alongside the Nasdaq and S&P 500.
Galaxy Digital Inc. stock rose more than 11% Thursday after Morgan Stanley lifted its price forecast on the shares. The analyst kept an Overweight rating and raised the target to $48. A wider crypto advance also supported the move.
The Nasdaq gained 1.13%, the S&P 500 rose 0.98% and financial stocks advanced 1.26%. Bitcoin climbed 4.77% in the past 24 hours to $80,998.42. Galaxy Digital also recently expanded its credit offerings with the GalaxyOne Crypto Portfolio Line of Credit, launched on Aug. 25.
The product lets clients borrow against Bitcoin, Ethereum and Solana holdings without selling the assets. On a technical basis, GLXY is trading 17.5% above its 20-day simple moving average of $22.72 and 14.3% above its 50-day SMA of $23.34. It is also 1.7% above its 100-day moving average. The stock was trading above its 200-day SMA of $25.06, with a 6.5% spread to $26.24.
The 20-day SMA remains below the 50-day SMA, and the shares are still under an August death cross, when the 50-day SMA fell below the 200-day SMA. Key resistance is near $27, while $24 is a nearby support level. Galaxy Digital shares were up 12.01% at $26.95 at the time of publication Thursday, according to Pro.