Galaxy Digital (NASDAQ:GLXY) Trading Up 11.7% – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) shares were up 11.7% during mid-day trading on Monday . The company traded as high as $27.62 and last traded at $28.0810. Approximately 2,310,486 shares changed hands during trading, a decline of 62% from the average daily volume of 6,057,981 shares. The stock had previously closed at $25.14.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GLXY shares. Piper Sandler reduced their price objective on Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, April 24th. The Goldman Sachs Group reduced their price objective on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Monday, May 4th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $55.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Galaxy Digital Trading Up 25.2%

The company has a 50 day moving average of $25.76 and a 200 day moving average of $25.01. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The stock has a market capitalization of $12.27 billion and a price-to-earnings ratio of -65.55.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.10. The business had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same quarter in the prior year, the firm earned ($0.86) earnings per share. On average, research analysts predict that Galaxy Digital Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 51.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLXY. Vanguard Group Inc. raised its position in shares of Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after buying an additional 4,463,782 shares during the period. SG Americas Securities LLC increased its holdings in Galaxy Digital by 173.8% in the 4th quarter. SG Americas Securities LLC now owns 252,558 shares of the company’s stock valued at $5,647,000 after purchasing an additional 160,305 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Galaxy Digital by 184.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock valued at $1,808,000 after purchasing an additional 52,334 shares during the last quarter. Encompass More Asset Management acquired a new stake in Galaxy Digital in the 4th quarter valued at approximately $896,000. Finally, Rovida Investment Management Ltd increased its holdings in Galaxy Digital by 21.2% in the 3rd quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company’s stock valued at $62,890,000 after purchasing an additional 325,000 shares during the last quarter.

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.