Primecap Management Co. CA Invests $6.37 Million in Galaxy Digital Inc. $GLXY

Primecap Management Co. CA acquired a new position in Galaxy Digital Inc. (NASDAQ:GLXY) during the 2nd quarter, Holdings Channel reports. The fund acquired 290,700 shares of the company’s stock, valued at approximately $6,366,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC acquired a new position in Galaxy Digital during the second quarter worth about $43,525,000. Rovida Investment Management Ltd purchased a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $33,612,000. Sullivan Wood Capital Management LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $26,699,000. MMCAP International Inc. SPC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $16,646,000. Finally, Milestone Asset Management Group LLC purchased a new stake in Galaxy Digital in the 2nd quarter valued at approximately $5,972,000.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Canaccord Genuity Group raised their price target on Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Maxim Group started coverage on Galaxy Digital in a research report on Thursday, July 31st. They set a “buy” rating and a $40.00 price objective for the company. BTIG Research boosted their target price on shares of Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. The Goldman Sachs Group decreased their price target on shares of Galaxy Digital from $39.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Piper Sandler lifted their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $43.78.

Galaxy Digital Trading Down 6.7%

Galaxy Digital stock opened at $24.03 on Friday. The firm has a fifty day simple moving average of $34.49. Galaxy Digital Inc. has a 52 week low of $8.20 and a 52 week high of $45.92. The firm has a market capitalization of $9.04 billion and a price-to-earnings ratio of 20.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35.

Insider Activity at Galaxy Digital

In other news, CEO Michael Novogratz sold 3,000,000 shares of the stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Douglas R. Deason bought 10,000 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $295,900. This trade represents a ? increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders sold 3,783,333 shares of company stock worth $135,994,323.

About Galaxy Digital

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.