The Manufacturers Life Insurance Company Invests $774,000 in Galaxy Digital Inc. $GLXY

The Manufacturers Life Insurance Company bought a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,972 shares of the company’s stock, valued at approximately $774,000.

A number of other hedge funds have also modified their holdings of GLXY. Vanguard Group Inc. increased its position in Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after purchasing an additional 4,463,782 shares in the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital in the 4th quarter worth about $406,102,000. Invesco Ltd. grew its holdings in Galaxy Digital by 31.1% in the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after buying an additional 731,215 shares during the period. Geode Capital Management LLC boosted its position in shares of Galaxy Digital by 13.0% in the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after acquiring an additional 279,818 shares during the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth approximately $48,452,000.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. Galaxy Digital Inc. has a 1 year low of $16.43 and a 1 year high of $45.92. The firm’s 50-day simple moving average is $25.71 and its 200-day simple moving average is $24.79. The firm has a market cap of $8.17 billion, a PE ratio of -32.23 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.10% and a negative net margin of 0.75%.The business had revenue of $8.71 billion during the quarter. During the same quarter last year, the business posted $0.08 earnings per share. Equities analysts forecast that Galaxy Digital Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Activity at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven John Bandrowczak acquired 5,100 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, with a total value of $100,113.00. Following the acquisition, the director owned 39,186 shares of the company’s stock, valued at $769,221.18. This trade represents a 14.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 51.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Piper Sandler dropped their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Friday, April 24th. BTIG Research reduced their target price on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Finally, Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.83.

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.