Galaxy Digital (NASDAQ:GLXY) Stock Price Up 11.7% – Should You Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) rose 11.7% on Monday . The stock traded as high as $27.62 and last traded at $28.0810. Approximately 2,310,486 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 6,057,981 shares. The stock had previously closed at $25.14.

Analyst Ratings Changes

GLXY has been the subject of several analyst reports. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. BTIG Research restated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Thursday, May 21st. The Goldman Sachs Group dropped their price objective on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, May 1st. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Galaxy Digital Stock Up 7.1%

The company has a market capitalization of $12.74 billion and a price-to-earnings ratio of -68.08. The firm’s 50 day moving average price is $26.27 and its two-hundred day moving average price is $25.09. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.10. The firm had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same quarter in the prior year, the company earned ($0.86) EPS. Sell-side analysts anticipate that Galaxy Digital Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director owned 1,505,419 shares in the company, valued at $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 51.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLXY. Vanguard Group Inc. raised its holdings in Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after acquiring an additional 4,463,782 shares during the period. SG Americas Securities LLC raised its holdings in Galaxy Digital by 173.8% in the 4th quarter. SG Americas Securities LLC now owns 252,558 shares of the company’s stock valued at $5,647,000 after acquiring an additional 160,305 shares during the period. Pictet Asset Management Holding SA boosted its stake in Galaxy Digital by 184.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock valued at $1,808,000 after purchasing an additional 52,334 shares during the period. Encompass More Asset Management bought a new stake in Galaxy Digital in the 4th quarter valued at $896,000. Finally, Rovida Investment Management Ltd boosted its stake in Galaxy Digital by 21.2% in the 3rd quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company’s stock valued at $62,890,000 after purchasing an additional 325,000 shares during the period.

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.