Galaxy Digital (NASDAQ:GLXY) Trading 6.2% Higher – Time to Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) was up 6.2% during mid-day trading on Friday . The company traded as high as $23.76 and last traded at $23.6540. Approximately 931,897 shares changed hands during trading, a decline of 85% from the average daily volume of 6,341,150 shares. The stock had previously closed at $22.28.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLXY. Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Rosenblatt Securities reduced their price objective on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Piper Sandler dropped their target price on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. BTIG Research dropped their price target on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galaxy Digital in a report on Friday, August 21st. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $39.58.

Galaxy Digital Stock Up 7.9%

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. The firm’s 50-day moving average price is $22.95 and its 200 day moving average price is $24.91. The company has a market capitalization of $9.40 billion, a price-to-earnings ratio of -37.07 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same period in the prior year, the company earned $0.08 EPS. On average, sell-side analysts forecast that Galaxy Digital Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity at Galaxy Digital

In related news, insider Matthew W. Friedrich sold 4,993 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total transaction of $134,960.79. Following the transaction, the insider directly owned 275,782 shares of the company’s stock, valued at $7,454,387.46. This trade represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Bandrowczak bought 5,100 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was acquired at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the purchase, the director directly owned 39,186 shares in the company, valued at approximately $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors bought a new stake in shares of Galaxy Digital in the fourth quarter valued at approximately $406,102,000. Moore Capital Management LP lifted its position in shares of Galaxy Digital by 52.9% during the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after acquiring an additional 720,000 shares in the last quarter. Norges Bank bought a new position in shares of Galaxy Digital in the fourth quarter worth $32,045,000. Bank of America Corp DE grew its position in shares of Galaxy Digital by 112.4% in the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock valued at $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, Clear Street Group Inc. grew its position in shares of Galaxy Digital by 3.8% in the fourth quarter. Clear Street Group Inc. now owns 1,176,854 shares of the company’s stock valued at $26,314,000 after purchasing an additional 42,961 shares in the last quarter.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.