Galaxy Digital (NASDAQ:GLXY) Trading 2.7% Higher – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) traded up 2.7% during trading on Monday . The company traded as high as $24.29 and last traded at $24.03. 624,095 shares were traded during trading, a decline of 88% from the average session volume of 5,263,557 shares. The stock had previously closed at $23.40.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GLXY. The Goldman Sachs Group dropped their price target on shares of Galaxy Digital from $30.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, December 5th. Rosenblatt Securities lifted their price target on Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research report on Monday, December 22nd. Citizens Jmp started coverage on shares of Galaxy Digital in a research report on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 price objective for the company. Finally, Piper Sandler increased their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $46.00.

Galaxy Digital Stock Down 0.8%

The firm has a market cap of $9.07 billion and a PE ratio of 19.34. The firm’s 50-day moving average price is $29.06 and its two-hundred day moving average price is $28.09. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35.

Insider Buying and Selling

In related news, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction dated Friday, October 10th. The stock was 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 in the company, valued at $24,765,156. The trade was a 52.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $108,000,000.00. The SEC filing for this sale provides additional information.

Institutional Investors Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of GLXY. CWM LLC purchased a new stake in shares of Galaxy Digital during the second quarter worth about $26,000. Manchester Capital Management LLC acquired a new position in Galaxy Digital during the second quarter valued at approximately $32,000. Centerpoint Advisors LLC purchased a new stake in Galaxy Digital during the 2nd quarter worth $33,000. DHJJ Financial Advisors Ltd. purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $34,000. Finally, North Star Investment Management Corp. purchased a new stake in shares of Galaxy Digital during the third quarter valued at approximately $34,000.

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.