Galaxy Digital Inc. (GLXY) stock is trading up more than 2% in Tuesday's premarket session after Citigroup analyst Peter Christiansen upgraded the rating from Neutral to Buy and raised his price forecast from $26 to $28.
Nasdaq futures are down 0.69% while S&P 500 futures have shed 0.05%.
Analysts have mixed sentiment, with Morgan Stanley maintaining its Overweight rating and lowering its forecast to $43 from $48 on Monday. BTIG also reduced its price forecast to $45 with a Buy rating on Aug. 5.
The stock carries a Buy rating with an average price forecast of $39.11.
Artificial Intelligence Data Center Business Expands
Citi said Galaxy's data center business has shown stronger earnings potential.
The firm said a potential announcement of a Helios II tenant 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 with 1,600 MW in approved data center power capacity and 3,600+ MW of total potential power capacity.
On July 28, Galaxy completed a private offering of $3.5 billion of senior secured notes due 2031. Galaxy will use the proceeds to fund construction of Helios I, Phase II.
In the second quarter of 2026, Galaxy delivered 133 MW of critical IT to CoreWeave, Inc. (CRWV) under the Phase I lease agreement.
The company is also expected to benefit from the latest crypto rebound.
Technical Analysis
From a trend perspective, GLXY is still in a longer-term repair phase: it's trading 11.8% below its 20-day SMA ($23.08), 11.5% below its 50-day SMA ($22.99), and 17.9% below its 200-day SMA ($24.79).
The moving-average structure is mixed, with the 20-day SMA above the 50-day SMA (a near-term bullish tilt) but the 50-day SMA still below the 200-day SMA following the death cross in August.
MACD is below its signal line, and the histogram is negative, suggesting upside pressure is cooling versus the prior upswing unless buyers reassert control.
- Key Resistance: $22.50 — a nearby ceiling that lines up closely with the 20-day EMA
- Key Support: $20.50 — a nearby line in the sand just above current levels where buyers may try to defend the bounce attempt
MarketDash Edge Rankings
The MarketDash Edge scorecard for Galaxy Digital highlights its strengths and weaknesses compared to the broader market.
Marvell has a Momentum score of 7.55 and a Growth score of 20.63.
Galaxy Digital's MarketDash Edge signal reveals a weak profile across the available pillars, with both Momentum and Growth scoring in bearish territory.
Top ETF Exposure
GLXY has a 3.72% weighting in the Amplify Blockchain Technology ETF (BLOK). It also accounts for 3.73% of the Innovator Deepwater Frontier Tech ETF (LOUP) and 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.
GLXY Price Action: Galaxy Digital shares were up 2.42% at $20.35 during premarket trading on Tuesday, according to market data.
