Galaxy Digital (NASDAQ:GLXY) Stock Jumps 9.2% – Time to Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) shot up 9.2% during trading on Tuesday. The company traded as high as $15.99 and last traded at $15.9250. Approximately 707,970 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,401,115 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

GLXY has been the subject of a number of recent analyst reports. Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Wednesday, October 28th. Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Zacks Research upgraded shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a report on Friday, September 18th. Morgan Stanley lowered their price objective on shares of Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Finally, The Goldman Sachs Group set a $20.50 target price on shares of Galaxy Digital in a report on Tuesday, October 27th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Galaxy Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Galaxy Digital Trading Down 7.1%

The company has a 50 day moving average of $21.33 and a 200-day moving average of $24.01. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of -12.98 and a beta of 5.38.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.54. The company had revenue of $8.69 billion during the quarter. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. On average, research analysts anticipate that Galaxy Digital Inc. will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas Deason acquired 12,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was acquired at an average price of $21.54 per share, with a total value of $258,480.00. Following the completion of the purchase, the director owned 71,000 shares in the company, valued at $1,529,340. This trade represents a 20.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Medina Adams sold 12,000 shares of Galaxy Digital stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $16.45, for a total transaction of $197,400.00. Following the completion of the transaction, the director owned 107,919 shares of the company’s stock, valued at $1,775,267.55. This trade represents a 10.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have bought 777,100 shares of company stock valued at $10,223,393. 51.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds have recently bought and sold shares of the stock. Triumph Capital Management lifted its holdings in Galaxy Digital by 13.2% during the 2nd quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock worth $134,000 after buying an additional 572 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Galaxy Digital by 6.9% during the 1st quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock worth $186,000 after acquiring an additional 655 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Galaxy Digital by 2.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock valued at $717,000 after acquiring an additional 767 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Galaxy Digital by 5.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company’s stock valued at $546,000 after acquiring an additional 994 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at about $30,000.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.