Scotia Capital Inc. Takes Position in Galaxy Digital Inc. $GLXY

Scotia Capital Inc. purchased a new position in shares of Galaxy Digital Inc. (NASDAQ:GLXY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 20,429 shares of the company’s stock, valued at approximately $446,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth $26,000. Manchester Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $32,000. Centerpoint Advisors LLC purchased a new position in shares of Galaxy Digital in the second quarter worth about $33,000. DHJJ Financial Advisors Ltd. acquired a new position in Galaxy Digital during the second quarter worth about $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Galaxy Digital during the second quarter worth about $37,000.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GLXY shares. Morgan Stanley began coverage on shares of Galaxy Digital in a report on Thursday, November 6th. They issued an “overweight” rating and a $42.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Galaxy Digital in a report on Monday. BTIG Research lifted their price objective on Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Canaccord Genuity Group upped their target price on Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $43.33.

Insiders Place Their Bets

In other Galaxy Digital news, insider Christopher C. Ferraro sold 750,000 shares of the company’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $27,000,000.00. Following the transaction, the insider owned 687,921 shares of the company’s stock, valued at $24,765,156. This represents a 52.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas R. Deason bought 10,000 shares of the stock in a transaction on Friday, November 7th. The shares were bought at an average cost of $29.59 per share, with a total value of $295,900.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at $295,900. This trade represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 3,783,333 shares of company stock worth $135,994,323 over the last ninety days.

Galaxy Digital Stock Performance

GLXY opened at $25.36 on Wednesday. The firm has a market capitalization of $9.91 billion and a PE ratio of 21.13. Galaxy Digital Inc. has a one year low of $8.20 and a one year high of $45.92. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. The firm has a 50 day simple moving average of $33.38.

Galaxy Digital Company 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.