Galaxy Digital (NASDAQ:GLXY) Stock Price Up 8.9% Following Insider Buying Activity

Galaxy Digital Inc. (NASDAQ:GLXY) shares were up 8.9% on Wednesday after an insider bought additional shares in the company. The company traded as high as $15.37 and last traded at $15.3670. 1,345,923 shares changed hands during trading, a decline of 79% from the average daily volume of 6,554,235 shares. The stock had previously closed at $14.11.

Specifically, Director Douglas Deason bought 5,000 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was acquired at an average price of $13.98 per share, with a total value of $69,900.00. Following the completion of the acquisition, the director directly owned 76,000 shares of the company’s stock, valued at $1,062,480. This represents a 7.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Novogratz bought 760,000 shares of Galaxy Digital stock in a transaction dated Thursday, November 5th. The stock was acquired at an average price of $12.98 per share, with a total value of $9,864,800.00. Following the completion of the transaction, the chief executive officer directly owned 760,000 shares of the company’s stock, valued at approximately $9,864,800. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Analyst Upgrades and Downgrades

GLXY has been the topic of a number of recent research reports. Piper Sandler lowered their price target on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. The Goldman Sachs Group set a $20.50 target price on shares of Galaxy Digital in a research note on Tuesday, October 27th. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Wednesday, October 28th. Chardan Capital restated a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a report on Tuesday, October 27th. Finally, Rosenblatt Securities dropped their price target on Galaxy Digital from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, October 26th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.96.

Galaxy Digital Trading Up 9.3%

The stock has a market cap of $6.03 billion, a PE ratio of -15.36 and a beta of 5.38. 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 company’s 50-day moving average price is $20.48 and its 200 day moving average price is $23.64.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.54. The firm had revenue of $8.69 billion for the quarter. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. On average, sell-side analysts forecast that Galaxy Digital Inc. will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Galaxy Digital

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at $30,000. Reyes Financial Architecture Inc. acquired a new stake in shares of Galaxy Digital during the 3rd quarter worth about $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Galaxy Digital during the 3rd quarter worth about $37,000. CoreCap Advisors LLC raised its holdings in Galaxy Digital by 496.0% in the 3rd quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock valued at $50,000 after buying an additional 1,840 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Galaxy Digital by 1,160.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock valued at $53,000 after buying an additional 2,159 shares during the period.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.