Galaxy Digital (NASDAQ:GLXY) Trading 7.3% Higher – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) rose 7.3% during trading on Thursday . The stock traded as high as $20.07 and last traded at $20.3840. Approximately 1,485,854 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 6,376,854 shares. The stock had previously closed at $19.00.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a report on Friday, January 30th. Weiss Ratings cut shares of Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research note on Thursday, March 5th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a research note on Wednesday, February 4th. BTIG Research reiterated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Tuesday, March 10th. Finally, Morgan Stanley cut their price objective on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.15.

Galaxy Digital Price Performance

The stock’s fifty day moving average price is $21.13 and its 200-day moving average price is $27.29. The firm has a market cap of $8.16 billion and a PE ratio of 175.45. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping the consensus estimate of ($1.24) by $0.16. The business had revenue of $10.22 billion during the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the acquisition, the director directly owned 59,000 shares in the company, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of Galaxy Digital during the 4th quarter valued at about $406,102,000. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at about $113,435,000. Invesco Ltd. grew its holdings in shares of Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after purchasing an additional 731,215 shares during the period. Finally, Geode Capital Management LLC increased its position in Galaxy Digital by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after purchasing an additional 279,818 shares during the last quarter.

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.