Galaxy Digital (NASDAQ:GLXY) Shares Gap Up After Insider Buying Activity

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $12.98, but opened at $14.33. Galaxy Digital shares last traded at $13.64, with a volume of 2,238,242 shares traded.

Specifically, CEO Michael Novogratz purchased 760,000 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were bought at an average cost of $12.98 per share, for a total transaction of $9,864,800.00. Following the completion of the purchase, the chief executive officer directly owned 760,000 shares of the company’s stock, valued at approximately $9,864,800. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. BTIG Research cut their price objective on shares of Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, October 27th. HC Wainwright lowered their target price on shares of Galaxy Digital from $40.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Morgan Stanley dropped their target price on shares of Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Weiss Ratings lowered shares of Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. Finally, The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research note on Tuesday, October 27th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $35.29.

Galaxy Digital Trading Up 4.7%

The business has a 50-day moving average of $21.09 and a 200-day moving average of $23.90. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of -13.53 and a beta of 5.38. 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 released its quarterly earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. The company had revenue of $8.69 billion for the quarter. As a group, research analysts forecast that Galaxy Digital Inc. will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds have recently modified their holdings of the business. Triumph Capital Management increased its holdings in shares of Galaxy Digital by 13.2% in the 2nd quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock valued at $134,000 after acquiring an additional 572 shares during the period. Private Advisor Group LLC boosted its stake in Galaxy Digital by 6.9% during the 1st quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock worth $186,000 after purchasing an additional 655 shares during the period. Commonwealth Equity Services LLC boosted its stake in Galaxy Digital by 2.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock worth $717,000 after purchasing an additional 767 shares during the period. Envestnet Asset Management Inc. boosted its stake in Galaxy Digital by 5.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company’s stock worth $546,000 after purchasing an additional 994 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Galaxy Digital during the 2nd quarter worth $30,000.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.