Galaxy Digital (NASDAQ:GLXY) Stock Price Up 9.1% – Still a Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) shot up 9.1% during mid-day trading on Tuesday . The company traded as high as $24.80 and last traded at $24.9180. 3,824,152 shares were traded during mid-day trading, a decline of 41% from the average session volume of 6,486,895 shares. The stock had previously closed at $22.84.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GLXY shares. Citizens Jmp reiterated a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a report on Wednesday, April 29th. Citigroup lowered their target price on Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, August 19th. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Wednesday, August 5th. Wall Street Zen raised Galaxy Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 2nd. Finally, BTIG Research decreased their price objective on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.67.

Galaxy Digital Stock Up 2.9%

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04. The company’s fifty day moving average price is $24.12 and its 200-day moving average price is $24.54. The stock has a market capitalization of $9.91 billion, a PE ratio of -38.86 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.The company had revenue of $8.71 billion for the quarter. During the same quarter in the previous year, the company earned $0.08 EPS. Analysts forecast that Galaxy Digital Inc. will post -0.82 earnings per share for the current year.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason purchased 12,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average price of $21.54 per share, with a total value of $258,480.00. Following the transaction, the director directly owned 71,000 shares in the company, valued at $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven John Bandrowczak purchased 5,100 shares of the stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director owned 39,186 shares in the company, valued at $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of Galaxy Digital in the second quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after buying an additional 928 shares during the last quarter. Picton Mahoney Asset Management increased its position in shares of Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S bought a new stake in shares of Galaxy Digital during the fourth quarter valued at approximately $36,000. Finally, Hollencrest Capital Management raised its holdings in Galaxy Digital by 204.0% in the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after acquiring an additional 1,734 shares during the last quarter.

Galaxy Digital Company Profile

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.