Galaxy Digital shares traded more than 2% higher in Tuesday's premarket session after Citigroup analyst Peter Christiansen upgraded the stock from Neutral to Buy. Christiansen raised his price forecast from $26 to $28. Benzinga Pro data showed Galaxy shares up 2.42% at $20.35 during Tuesday's premarket trading. Nasdaq futures fell 0.69%. S&P 500 futures fell 0.05%.
Analysts have mixed sentiment toward Galaxy Digital. Morgan Stanley maintained its Overweight rating and lowered its price forecast from $48 to $43 on Monday. BTIG reduced its price forecast to $45 with a Buy rating on August 5. Galaxy Digital carries a Buy rating with an average price forecast of $39.11.
Citi said Galaxy's data center business has shown stronger earnings potential. Citi said a potential Helios II tenant announcement over the next six months could reduce business risk and improve long-term earnings visibility. The Helios Data Center Campus in West Texas is Galaxy's flagship facility. The campus has 1,600 MW of approved data center power capacity. The campus has more than 3,600 MW of total potential power capacity.
Galaxy completed a private offering of $3.5 billion of senior secured notes due 2031 on July 28. Galaxy will use the proceeds to fund construction of Helios I, Phase II. Galaxy delivered 133 MW of critical IT to CoreWeave in the second quarter of 2026 under the Phase I lease agreement. Galaxy is also expected to benefit from the latest cryptocurrency rebound.
GLXY remains in a longer-term recovery phase. GLXY trades 11.8% below its 20-day simple moving average of $23.08. GLXY trades 11.5% below its 50-day simple moving average of $22.99. GLXY trades 17.9% below its 200-day simple moving average of $24.79. The 20-day simple moving average is above the 50-day simple moving average, indicating a near-term bullish tendency. However, the 50-day simple moving average remains below the 200-day simple moving average following a bearish crossover in August.
The moving average convergence divergence indicator is below its signal line, and its histogram is negative. These signals suggest upward price pressure is weakening compared with the prior rise unless buyers regain control. Key resistance is $22.50, close to the 20-day exponential moving average. Key support is $20.50, just above current levels, where buyers may try to sustain the attempted rebound. Galaxy Digital's Benzinga Edge signal shows a weak profile across the available categories, with Momentum and Growth both in bearish territory.
GLXY has a 3.72% weighting in the Amplify Blockchain Technology ETF (BLOK). GLXY accounts for 3.73% of the Innovator Deepwater Frontier Tech ETF (LOUP). GLXY accounts for 5.23% of the Schwab Crypto Thematic Natural Language Processing ETF (STCE). Large ETF inflows or outflows can therefore add buying or selling pressure on Galaxy Digital shares.