Cidel Asset Management Inc. Makes New Investment in Galaxy Digital Inc. $GLXY

Cidel Asset Management Inc. acquired a new position in Galaxy Digital Inc. (NASDAQ:GLXY) in the second quarter, Holdings Channel reports. The institutional investor acquired 25,011 shares of the company’s stock, valued at approximately $548,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sullivan Wood Capital Management LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter worth about $26,699,000. RFG Advisory LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter worth about $898,000. Vontobel Holding Ltd. purchased a new position in shares of Galaxy Digital during the 2nd quarter worth about $766,000. Accurate Wealth Management LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter worth about $440,000. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter worth about $349,000.

Insider Transactions at Galaxy Digital

In other news, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the sale, the director owned 112,053 shares of the company’s stock, valued at approximately $3,342,540.99. This represents a 22.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Erin Elizabeth Brown sold 350,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the sale, the chief operating officer directly owned 198,088 shares of the company’s stock, valued at $5,344,414.24. The trade was a 63.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,183,333 shares of company stock worth $146,851,323.

Galaxy Digital Stock Down 5.3%

Shares of GLXY opened at $37.78 on Monday. The stock has a 50 day simple moving average of $30.91. Galaxy Digital Inc. has a fifty-two week low of $8.20 and a fifty-two week high of $44.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to analysts’ expectations of $13.11 billion.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GLXY shares. Benchmark lifted their price target on shares of Galaxy Digital from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. BTIG Research reaffirmed a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research note on Tuesday, August 5th. Piper Sandler boosted their price objective on shares of Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Jefferies Financial Group began coverage on shares of Galaxy Digital in a research report on Wednesday, July 23rd. They set a “buy” rating and a $35.00 target price on the stock. Finally, Maxim Group began coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They set a “buy” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Galaxy Digital currently has a consensus rating of “Buy” and a consensus price target of $37.50.

Galaxy Digital Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.