Galaxy Digital (NASDAQ:GLXY) Sees Strong Trading Volume – Time to Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) saw strong trading volume on Friday . 18,883,063 shares traded hands during mid-day trading, an increase of 198% from the previous session’s volume of 6,336,813 shares.The stock last traded at $26.3350 and had previously closed at $24.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. Citigroup boosted their price objective on shares of Galaxy Digital from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 18th. Wall Street Zen lowered Galaxy Digital from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Citizens Jmp dropped their target price on Galaxy Digital from $60.00 to $55.00 and set a “market outperform” rating on the stock in a research report on Friday, April 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Galaxy Digital currently has an average rating of “Moderate Buy” and an average target price of $40.77.

Galaxy Digital Price Performance

The stock has a 50-day moving average price of $21.13 and a two-hundred day moving average price of $26.81. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. The stock has a market cap of $10.05 billion and a price-to-earnings ratio of 215.33.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.24) by $0.16. The business had revenue of $10.22 billion for the quarter, compared to analyst estimates of $13.08 billion.

Insider Activity

In related news, Director Douglas R. Deason acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the acquisition, the director directly owned 59,000 shares in the company, valued at $1,227,200. The trade was a 73.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of Galaxy Digital

Several large investors have recently bought and sold shares of the stock. Faithward Advisors LLC raised its holdings in shares of Galaxy Digital by 7.1% in the first quarter. Faithward Advisors LLC now owns 58,517 shares of the company’s stock worth $1,080,000 after buying an additional 3,896 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Galaxy Digital by 78.9% in the 1st quarter. SG Americas Securities LLC now owns 451,875 shares of the company’s stock valued at $8,337,000 after acquiring an additional 199,317 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Galaxy Digital in the 4th quarter valued at $958,000. Caitong International Asset Management Co. Ltd raised its stake in Galaxy Digital by 8,070.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock worth $924,000 after acquiring an additional 40,834 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Galaxy Digital in the 4th quarter worth $1,181,000.

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.