Ninepoint Partners LP Takes Position in Galaxy Digital Inc. $GLXY

Ninepoint Partners LP bought a new stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY) during the 2nd quarter, Holdings Channel.com reports. The firm bought 29,343 shares of the company’s stock, valued at approximately $802,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its holdings in Galaxy Digital by 183.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after purchasing an additional 928 shares in the last quarter. Picton Mahoney Asset Management raised its position 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 during the period. Danske Bank A S acquired a new position in shares of Galaxy Digital during the fourth quarter worth about $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Galaxy Digital in the fourth quarter worth about $46,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Galaxy Digital in the fourth quarter worth about $49,000.

Analyst Upgrades and Downgrades

GLXY has been the topic of several analyst reports. Piper Sandler dropped their target price on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Citizens Jmp reissued a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a research report on Wednesday, April 29th. Zacks Research downgraded shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Finally, Rosenblatt Securities dropped their price target on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.67.

Insider Buying and Selling

In other news, Director Steven John Bandrowczak acquired 5,100 shares of Galaxy Digital stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the completion of the purchase, the director directly owned 39,186 shares of the company’s stock, valued at $769,221.18. This trade represents a 14.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Douglas R. Deason acquired 12,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the purchase, the director directly owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is currently owned by insiders.

Galaxy Digital Stock Up 7.2%

NASDAQ:GLXY opened at $23.47 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of -36.11 and a beta of 5.06. Galaxy Digital Inc. has a one year low of $16.43 and a one year high of $45.92. The stock has a 50-day simple moving average of $24.86 and a 200 day simple moving average of $24.47.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.The firm had revenue of $8.71 billion for the quarter. During the same quarter in the previous year, the company earned $0.08 EPS. Sell-side analysts predict that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

Galaxy Digital 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.