Galaxy Digital (NASDAQ:GLXY) CEO Michael Novogratz Purchases 760,000 Shares of Stock

Galaxy Digital Inc. (NASDAQ:GLXY) CEO Michael Novogratz bought 760,000 shares of the stock in a transaction on Thursday, November 5th. The shares were purchased at an average price of $12.98 per share, with a total value of $9,864,800.00. Following the acquisition, the chief executive officer owned 760,000 shares in the company, valued at approximately $9,864,800. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Galaxy Digital Price Performance

Shares of Galaxy Digital stock opened at $12.98 on Friday. The stock’s 50-day moving average is $21.09 and its 200-day moving average is $23.90. Galaxy Digital Inc. has a one year low of $11.78 and a one year high of $36.10. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. The company had revenue of $8.69 billion during the quarter. Research analysts anticipate that Galaxy Digital Inc. will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on GLXY. Weiss Ratings downgraded shares of Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. BTIG Research lowered their target price on Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Zacks Research upgraded Galaxy Digital from a “strong sell” rating to a “hold” rating in a report on Friday, September 18th. Piper Sandler reduced their price target on Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, Citigroup upgraded Galaxy Digital from a “neutral” rating to a “buy” rating and raised their price target for the company from $26.00 to $28.00 in a research note on Tuesday, October 13th. Eleven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital has an average rating of “Moderate Buy” and a consensus price target of $35.29.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. Public Employees Retirement System of Ohio bought a new position in shares of Galaxy Digital in the second quarter valued at about $1,456,000. State Street Corp lifted its stake in shares of Galaxy Digital by 99.7% during the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after buying an additional 1,913,688 shares during the last quarter. Riposte Capital LLC acquired a new stake in shares of Galaxy Digital during the 1st quarter worth about $2,952,000. Squarepoint Ops LLC boosted its holdings in shares of Galaxy Digital by 67.5% during the 2nd quarter. Squarepoint Ops LLC now owns 144,335 shares of the company’s stock worth $3,946,000 after buying an additional 58,161 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after buying an additional 605,986 shares during the period.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.