Galaxy Digital (NASDAQ:GLXY) Trading Up 5.9% – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY) shares rose 5.9% during mid-day trading on Thursday . The stock traded as high as $25.77 and last traded at $25.4890. Approximately 676,757 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 6,420,236 shares. The stock had previously closed at $24.06.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Morgan Stanley raised their target price on shares of Galaxy Digital from $37.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday. Chardan Capital reissued a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research report on Wednesday, August 5th. Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Piper Sandler reduced their target price on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Citigroup lowered their target price on Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, August 19th. Ten 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 stock. According to data from MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and an average target price of $39.58.

Galaxy Digital Stock Down 0.6%

The firm’s 50 day simple moving average is $23.21 and its 200-day simple moving average is $24.71. 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 stock has a market capitalization of $10.29 billion, a price-to-earnings ratio of -40.51 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27. The company 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 earnings per share. Equities analysts expect that Galaxy Digital Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. JPMorgan Chase & Co. bought a new position in Galaxy Digital during the second quarter worth about $80,000. Invesco Ltd. bought a new stake in Galaxy Digital in the second quarter valued at approximately $53,233,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $116,000. First Trust Advisors LP bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $13,376,000. Finally, Cerity Partners LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $219,000.

Galaxy Digital Company Profile

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.