Galaxy Digital (NASDAQ:GLXY) Stock Price Up 17.1% – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY) shot up 17.1% during trading on Thursday . The company traded as high as $21.37 and last traded at $21.3910. Approximately 4,550,731 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 6,419,266 shares. The stock had previously closed at $18.26.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GLXY. Weiss Ratings cut shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Citizens Jmp reissued a “market outperform” rating and set a $55.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Canaccord Genuity Group restated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Friday, April 24th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $39.62.

Galaxy Digital Trading Up 18.1%

The business’s 50-day moving average price is $27.63 and its two-hundred day moving average price is $25.54. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of -44.89 and a beta of 4.84.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $10.21 billion for the quarter. During the same quarter last year, the business posted ($0.86) EPS. Equities analysts expect that Galaxy Digital Inc. will post -0.5 earnings per share for the current year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of Galaxy Digital stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the sale, the director owned 1,505,419 shares in the company, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

Institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors purchased a new stake in shares of Galaxy Digital during the 4th quarter worth about $406,102,000. Vanguard Group Inc. lifted its stake in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Invesco Ltd. purchased a new position in shares of Galaxy Digital during the 2nd quarter valued at approximately $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital during the 2nd quarter valued at $48,452,000. Finally, Norges Bank bought a new position in shares of Galaxy Digital during the fourth quarter worth about $32,045,000.

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.