Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Should You Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) gapped up before the market opened on Tuesday . The stock had previously closed at $22.50, but opened at $23.72. Galaxy Digital shares last traded at $24.3360, with a volume of 2,123,953 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GLXY shares. Wall Street Zen lowered shares of Galaxy Digital from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Weiss Ratings lowered Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Rosenblatt Securities restated a “buy” rating and set a $46.00 price target on shares of Galaxy Digital in a research report on Friday, January 30th. Citizens Jmp lowered their price objective on Galaxy Digital from $60.00 to $55.00 and set a “market outperform” rating for the company in a research report on Friday, April 10th. Finally, BTIG Research restated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.77.

Galaxy Digital Trading Up 1.3%

The stock has a market capitalization of $9.35 billion and a P/E ratio of 200.33. The stock has a 50-day moving average price of $20.86 and a two-hundred day moving average price of $26.93. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The business had revenue of $10.22 billion for the quarter, compared to the consensus estimate of $13.08 billion.

Insider Activity at Galaxy Digital

In related news, Director Douglas R. Deason bought 25,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the purchase, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of Galaxy Digital

Several large investors have recently bought and sold shares of GLXY. Vanguard Group Inc. raised its position in shares of Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Capital Research Global Investors bought a new stake in Galaxy Digital in the fourth quarter worth $406,102,000. Invesco Ltd. grew its stake in shares of Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after acquiring an additional 731,215 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Galaxy Digital by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock valued at $54,424,000 after acquiring an additional 279,818 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter worth about $48,452,000.

Galaxy Digital Company 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.