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

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $21.90, but opened at $23.45. Galaxy Digital shares last traded at $23.1780, with a volume of 1,090,018 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLXY. Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. BTIG Research dropped their target price on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st. Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Friday, April 24th. Finally, Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.67.

Galaxy Digital Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of -36.37 and a beta of 5.06. The business’s fifty day simple moving average is $24.67 and its 200 day simple moving average is $24.46.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating 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 quarter in the prior year, the company posted $0.08 EPS. On average, research analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current year.

Insider Transactions at Galaxy Digital

In other news, Director Steven John Bandrowczak acquired 5,100 shares of Galaxy Digital stock in a transaction on Monday, August 10th. The stock was purchased at an average price of $19.63 per share, with a total value of $100,113.00. Following the completion of the purchase, the director owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas R. Deason acquired 12,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average price of $21.54 per share, with a total value of $258,480.00. Following the acquisition, the director owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. This represents a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

Several hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. bought a new stake in Galaxy Digital during the 2nd quarter valued at $30,000. Caitong International Asset Management Co. Ltd grew its holdings 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 valued at $32,000 after buying an additional 928 shares during the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after buying an additional 1,000 shares during the last quarter. Danske Bank A S acquired a new position in shares of Galaxy Digital during the fourth quarter valued at about $36,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Galaxy Digital during the fourth quarter worth about $49,000.

About Galaxy Digital

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.