Galaxy Digital (NASDAQ:GLXY) Trading Up 11.7% – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price was up 11.7% during trading on Monday . The stock traded as high as $27.62 and last traded at $28.0810. Approximately 2,310,486 shares changed hands during trading, a decline of 62% from the average daily volume of 6,057,981 shares. The stock had previously closed at $25.14.

Analyst Ratings Changes

Several equities analysts recently commented on GLXY shares. Piper Sandler cut their price target on shares of Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price target on shares of Galaxy Digital in a report on Thursday, April 23rd. Morgan Stanley reissued an “overweight” rating and issued a $37.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research report on Friday, April 24th. Finally, Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 2nd. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Trading Up 25.2%

The company has a market capitalization of $12.27 billion and a PE ratio of -65.55. The company’s fifty day moving average is $25.76 and its 200-day moving average is $25.01. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.10. The company had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same period in the previous year, the business earned ($0.86) earnings per share. On average, analysts anticipate that Galaxy Digital Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the sale, the director owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 51.53% of the stock is owned by insiders.

Institutional Trading of Galaxy Digital

A number of institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in Galaxy Digital by 2.1% in the 3rd quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock worth $663,000 after purchasing an additional 411 shares in the last quarter. Private Advisor Group LLC boosted its stake in Galaxy Digital by 6.9% in the 1st quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock worth $186,000 after purchasing an additional 655 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Galaxy Digital by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock worth $1,182,000 after purchasing an additional 666 shares in the last quarter. Main Management ETF Advisors LLC boosted its stake in Galaxy Digital by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock worth $1,593,000 after purchasing an additional 728 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in Galaxy Digital by 2.3% during the 4th quarter. Cetera Investment Advisers now owns 32,963 shares of the company’s stock worth $737,000 after buying an additional 742 shares during the last quarter.

About Galaxy Digital

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.