Meridian Wealth Management LLC Makes New $243,000 Investment in Galaxy Digital Inc. $GLXY

Meridian Wealth Management LLC purchased a new position in Galaxy Digital Inc. (NASDAQ:GLXY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,080 shares of the company’s stock, valued at approximately $243,000.

A number of other large investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC purchased a new stake in Galaxy Digital during the second quarter valued at $43,525,000. Rovida Investment Management Ltd purchased a new position in shares of Galaxy Digital in the second quarter worth approximately $33,612,000. Sullivan Wood Capital Management LLC bought a new stake in Galaxy Digital during the second quarter valued at approximately $26,699,000. MMCAP International Inc. SPC purchased a new stake in Galaxy Digital during the second quarter valued at approximately $16,646,000. Finally, Milestone Asset Management Group LLC bought a new position in Galaxy Digital in the second quarter worth approximately $5,972,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on GLXY shares. Rosenblatt Securities boosted their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Morgan Stanley began coverage on Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 target price on the stock. Benchmark boosted their price target on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Weiss Ratings raised Galaxy Digital from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday. Finally, Piper Sandler boosted their price objective on Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Galaxy Digital currently has an average rating of “Buy” and an average target price of $43.78.

Insiders Place Their Bets

In related news, CEO Michael Novogratz sold 3,000,000 shares of the business’s stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $108,000,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the transaction, the director owned 112,053 shares of the company’s stock, valued at $3,342,540.99. The trade was a 22.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,783,333 shares of company stock worth $135,994,323 over the last quarter.

Galaxy Digital Stock Up 2.2%

NASDAQ:GLXY opened at $25.58 on Wednesday. The firm’s 50-day simple moving average is $34.59. Galaxy Digital Inc. has a 52 week low of $8.20 and a 52 week high of $45.92. The company has a market capitalization of $9.63 billion and a PE ratio of 21.32. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

About Galaxy Digital

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.