Galaxy Digital Inc. $GLXY Position Increased by Sullivan Wood Capital Management LLC

Sullivan Wood Capital Management LLC grew its position in shares of Galaxy Digital Inc. (NASDAQ:GLXY) by 4.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,460,546 shares of the company’s stock after buying an additional 55,804 shares during the quarter. Galaxy Digital comprises about 49.1% of Sullivan Wood Capital Management LLC’s investment portfolio, making the stock its largest position. Sullivan Wood Capital Management LLC’s holdings in Galaxy Digital were worth $33,213,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Galaxy Digital in the 2nd quarter valued at approximately $30,000. CoreCap Advisors LLC lifted its stake in Galaxy Digital by 496.0% during the third quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock worth $50,000 after purchasing an additional 1,840 shares during the last quarter. GAMMA Investing LLC lifted its stake in Galaxy Digital by 1,160.8% during the third quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock worth $53,000 after purchasing an additional 2,159 shares during the last quarter. Hollencrest Capital Management increased its stake in Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after purchasing an additional 1,734 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new stake in shares of Galaxy Digital during the third quarter worth $72,000.

Galaxy Digital Stock Performance

Shares of GLXY traded down $0.61 during trading hours on Tuesday, reaching $19.26. 3,352,125 shares of the company’s stock traded hands, compared to its average volume of 6,234,171. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of -29.65 and a beta of 5.11. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. Galaxy Digital Inc. has a twelve month low of $16.43 and a twelve month high of $45.92. The business’s fifty day simple moving average is $23.08 and its two-hundred day simple moving average is $25.08.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. The firm had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same quarter in the prior year, the company earned $0.08 EPS. Analysts predict that Galaxy Digital Inc. will post -0.79 earnings per share for the current year.

Insider Activity at Galaxy Digital

In related news, Director Douglas Deason acquired 12,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the purchase, the director directly owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven Bandrowczak bought 5,100 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director owned 39,186 shares of the company’s stock, valued at $769,221.18. This represents a 14.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 51.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GLXY. Zacks Research upgraded shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, September 18th. Piper Sandler lowered their price objective 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. Rosenblatt Securities decreased their target price on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Morgan Stanley lowered their target price on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday. Finally, Weiss Ratings upgraded Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Galaxy Digital Company Profile

Galaxy Digital (NASDAQ: GLXY) is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.