Galaxy Digital (NASDAQ:GLXY) Shares Up 6.7% – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price shot up 6.7% during mid-day trading on Thursday . The stock traded as high as $22.18 and last traded at $22.50. 516,477 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 6,468,835 shares. The stock had previously closed at $21.08.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Zacks Research cut Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Weiss Ratings cut shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. 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. BTIG Research dropped their price objective on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $55.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.83.

Galaxy Digital Stock Up 0.5%

The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $8.26 billion, a P/E ratio of -32.66 and a beta of 5.06. The firm’s 50 day moving average price is $25.86 and its two-hundred day moving average price is $24.86.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.10%. The business had revenue of $8.71 billion during the quarter. During the same quarter in the previous year, the company posted $0.08 EPS. Equities research analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current year.

Insider Transactions at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction dated 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 sale, the director owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Steven John Bandrowczak purchased 5,100 shares of Galaxy Digital stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average cost of $19.63 per share, with a total value of $100,113.00. Following the completion of the transaction, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is currently owned by insiders.

Institutional Trading of Galaxy Digital

A number of large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in Galaxy Digital by 2.1% during the 3rd quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock valued at $663,000 after purchasing an additional 411 shares during the last quarter. Private Advisor Group LLC increased its holdings in shares of Galaxy Digital by 6.9% in the first quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock valued at $186,000 after purchasing an additional 655 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Galaxy Digital by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock valued at $1,182,000 after purchasing an additional 666 shares during the period. Main Management ETF Advisors LLC lifted its stake in shares of Galaxy Digital by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock worth $1,593,000 after buying an additional 728 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Galaxy Digital by 2.3% during the 4th quarter. Cetera Investment Advisers now owns 32,963 shares of the company’s stock worth $737,000 after buying an additional 742 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.