Galaxy Digital (NASDAQ:GLXY) Trading 2.7% Higher – Here’s Why

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) traded up 2.7% during mid-day trading on Monday . The stock traded as high as $24.29 and last traded at $24.03. 624,095 shares traded hands during trading, a decline of 88% from the average session volume of 5,263,557 shares. The stock had previously closed at $23.40.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GLXY shares. Morgan Stanley began coverage on shares of Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price target for the company. BTIG Research boosted their target price on shares of Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, October 21st. Canaccord Genuity Group upped their price target on Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. JMP Securities set a $60.00 target price on shares of Galaxy Digital in a research note on Tuesday, December 9th. Finally, Rosenblatt Securities upped their price target on Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $46.00.

Galaxy Digital Price Performance

The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $9.07 billion and a PE ratio of 19.34. The firm’s 50 day simple moving average is $29.06 and its 200 day simple moving average is $28.09.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average cost of $29.59 per share, with a total value of $295,900.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $295,900. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the sale, the insider directly owned 687,921 shares of the company’s stock, valued at $24,765,156. This represents a 52.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL increased its holdings in Galaxy Digital by 239.0% during the third quarter. Strategic Investment Solutions Inc. IL now owns 12,181 shares of the company’s stock valued at $412,000 after buying an additional 8,588 shares during the period. IFP Advisors Inc grew its stake in shares of Galaxy Digital by 40.6% during the third quarter. IFP Advisors Inc now owns 5,388 shares of the company’s stock worth $182,000 after acquiring an additional 1,555 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in shares of Galaxy Digital during the third quarter worth $228,000. CIBC Bancorp USA Inc. acquired a new position in shares of Galaxy Digital in the third quarter valued at about $401,000. Finally, Faithward Advisors LLC purchased a new position in Galaxy Digital during the 3rd quarter worth approximately $1,664,000.

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.