Galaxy Digital (NASDAQ:GLXY) Trading Up 6.8% – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY) rose 6.8% during trading on Monday . The stock traded as high as $22.99 and last traded at $23.1010. 585,500 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 6,426,285 shares. The stock had previously closed at $21.63.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GLXY shares. Citizens Jmp reissued a “market outperform” rating and issued a $55.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Wall Street Zen upgraded shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 2nd. Piper Sandler reduced their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday. Finally, The Goldman Sachs Group decreased their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Twelve equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $39.29.

Galaxy Digital Price Performance

The company has a market cap of $9.28 billion, a P/E ratio of -49.56 and a beta of 4.84. The stock has a 50-day simple moving average of $28.75 and a 200 day simple moving average of $25.63. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

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 analysts’ consensus estimates of ($0.59) by $0.10. The business 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 firm posted ($0.86) earnings per share. On average, equities analysts expect that Galaxy Digital Inc. will post -0.32 EPS for the current year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were 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 of the company’s stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 51.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd boosted its position in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 1,000 shares during the period. Danske Bank A S bought a new position in Galaxy Digital during the fourth quarter worth about $36,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Galaxy Digital during the fourth quarter valued at approximately $46,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Galaxy Digital during the fourth quarter valued at approximately $49,000.

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.