Galaxy Digital (NASDAQ:GLXY) Stock Price Up 6.8% – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price traded up 6.8% during mid-day trading on Monday . The company traded as high as $22.99 and last traded at $23.1010. 585,500 shares were traded during trading, a decline of 91% from the average daily volume of 6,426,285 shares. The stock had previously closed at $21.63.

Analyst Upgrades and Downgrades

GLXY has been the topic of a number of recent research reports. Citizens Jmp reiterated a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Zacks Research downgraded Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings lowered Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Morgan Stanley reiterated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Galaxy Digital in a report on Friday, May 1st. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.29.

Galaxy Digital Stock Performance

The stock’s 50-day simple moving average is $28.47 and its 200-day simple moving average is $25.65. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of -52.94 and a beta of 4.84. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. The company had revenue of $10.21 billion for the quarter. During the same period in the prior year, the business posted ($0.86) earnings per share. Analysts forecast that Galaxy Digital Inc. will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director owned 1,505,419 shares in the company, valued at $43,310,904.63. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 51.53% of the stock is owned by corporate insiders.

Institutional Trading of Galaxy Digital

A number of institutional investors have recently modified their holdings of GLXY. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after purchasing an additional 928 shares in the last quarter. Picton Mahoney Asset Management raised its stake in Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S acquired a new position in Galaxy Digital in the fourth quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. bought a new stake in Galaxy Digital during the fourth quarter worth about $46,000. Finally, Hollencrest Capital Management lifted its position in Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after purchasing an additional 1,734 shares during the period.

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.