Galaxy Digital (NASDAQ:GLXY) Stock Price Up 6% – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) shares rose 6% during mid-day trading on Friday . The stock traded as high as $25.03 and last traded at $25.5740. Approximately 629,685 shares were traded during trading, a decline of 90% from the average daily volume of 6,387,820 shares. The stock had previously closed at $24.13.

Analysts Set New Price Targets

GLXY has been the subject of several recent research reports. BTIG Research dropped their price objective on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galaxy Digital in a research report on Friday, August 21st. Citigroup lowered their price target on Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, August 19th. Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Finally, Morgan Stanley boosted their price objective on Galaxy Digital from $37.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.58.

Galaxy Digital Trading Up 3.7%

The company has a 50 day simple moving average of $23.13 and a 200 day simple moving average of $24.85. The company has a market capitalization of $9.78 billion, a PE ratio of -38.60 and a beta of 5.10. 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 results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.27. The firm had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same period in the prior year, the business posted $0.08 earnings per share. Analysts anticipate that Galaxy Digital Inc. will post -0.79 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Steven Bandrowczak purchased 5,100 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. This represents a 14.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Friedrich sold 4,993 shares of the company’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the transaction, the insider owned 275,782 shares in the company, valued at $7,454,387.46. This trade represents a 1.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 51.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. purchased a new stake in Galaxy Digital in the second quarter valued at $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after purchasing an additional 928 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after acquiring an additional 1,000 shares during the period. Hollencrest Capital Management increased its position in Galaxy Digital by 204.0% during the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after purchasing an additional 1,734 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in Galaxy Digital in the fourth quarter worth $49,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.