Galaxy Digital (NASDAQ:GLXY) Trading 6.2% Higher – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price was up 6.2% on Friday . The company traded as high as $23.76 and last traded at $23.6540. Approximately 931,897 shares changed hands during trading, a decline of 85% from the average session volume of 6,341,150 shares. The stock had previously closed at $22.28.

Analyst Ratings Changes

A number of brokerages recently issued reports on GLXY. Piper Sandler lowered their price objective on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Rosenblatt Securities decreased their target price on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Morgan Stanley raised their price target on Galaxy Digital from $37.00 to $48.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Chardan Capital reiterated a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Wednesday, August 5th. Finally, BTIG Research cut 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 investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.58.

Galaxy Digital Price Performance

The company has a market cap of $9.40 billion, a PE ratio of -37.07 and a beta of 5.10. The firm’s 50-day moving average is $22.95 and its 200-day moving average is $24.91. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The firm had revenue of $8.71 billion for the quarter. During the same quarter last year, the firm posted $0.08 EPS. On average, equities analysts anticipate that Galaxy Digital Inc. will post -0.79 EPS for the current year.

Insider Activity

In other news, Director Douglas R. Deason bought 12,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $21.54 per share, with a total value of $258,480.00. Following the completion of the acquisition, the director owned 71,000 shares in the company, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven Bandrowczak acquired 5,100 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director owned 39,186 shares of the company’s stock, valued at $769,221.18. The trade was a 14.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently added to or reduced their stakes in GLXY. The Manufacturers Life Insurance Company boosted its stake in shares of Galaxy Digital by 30.6% in the second quarter. The Manufacturers Life Insurance Company now owns 54,809 shares of the company’s stock worth $1,498,000 after acquiring an additional 12,837 shares during the period. Sequoia Financial Advisors LLC bought a new position in Galaxy Digital in the 2nd quarter worth approximately $269,000. Engineers Gate Manager LP purchased a new stake in Galaxy Digital during the 2nd quarter valued at approximately $1,227,000. Squarepoint Ops LLC grew its holdings in Galaxy Digital by 67.5% during the 2nd quarter. Squarepoint Ops LLC now owns 144,335 shares of the company’s stock valued at $3,946,000 after buying an additional 58,161 shares in the last quarter. Finally, CORDA Investment Management LLC. bought a new stake in shares of Galaxy Digital during the second quarter valued at approximately $1,358,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.