Galaxy Digital (NASDAQ:GLXY) Shares Up 7.8% – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price traded up 7.8% during mid-day trading on Monday . The stock traded as high as $24.16 and last traded at $24.09. 1,065,160 shares were traded during trading, a decline of 84% from the average session volume of 6,635,096 shares. The stock had previously closed at $22.35.

Analyst Ratings Changes

GLXY has been the topic of a number of research reports. Rosenblatt Securities reissued a “buy” rating and issued a $46.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. BTIG Research reiterated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research report on Tuesday, March 10th. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. The Goldman Sachs Group cut their price objective on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating for the company in a research report on Wednesday, February 4th. Finally, Cantor Fitzgerald reduced their target price on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.54.

Galaxy Digital Price Performance

The stock has a market capitalization of $9.18 billion and a PE ratio of 195.83. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. The company’s 50 day simple moving average is $24.56 and its 200 day simple moving average is $28.23.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The business had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the transaction, the director owned 59,000 shares of the company’s stock, valued at $1,227,200. This represents a 73.53% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently modified their holdings of GLXY. Rovida Advisors Inc. acquired a new position in shares of Galaxy Digital during the second quarter worth about $33,612,000. Vanguard Group Inc. grew its stake in shares of Galaxy Digital by 15.5% in the third quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after buying an additional 2,179,540 shares in the last quarter. Seven Grand Managers LLC purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $27,375,000. SG Americas Securities LLC purchased a new stake in shares of Galaxy Digital during the 3rd quarter valued at about $3,119,000. Finally, Horizon Kinetics Asset Management LLC acquired a new position in Galaxy Digital during the 2nd quarter worth approximately $29,877,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.