Galaxy Digital (NASDAQ:GLXY) Trading Up 5.9% – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price traded up 5.9% during trading on Thursday . The stock traded as high as $25.77 and last traded at $25.4890. 676,757 shares changed hands during trading, a decline of 89% from the average daily volume of 6,420,236 shares. The stock had previously closed at $24.06.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. BTIG Research reduced their price target on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Rosenblatt Securities dropped their price objective on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research report on Wednesday, August 5th. Piper Sandler reduced their target price on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Citigroup reduced their price objective on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, August 19th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.58.

Galaxy Digital Stock Performance

The firm has a market cap of $10.41 billion, a P/E ratio of -41.03 and a beta of 5.10. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The stock’s 50 day moving average is $23.30 and its two-hundred day moving average is $24.67.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating 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 prior year, the company posted $0.08 earnings per share. As a group, equities analysts predict that Galaxy Digital Inc. will post -0.82 EPS for the current year.

Insiders Place Their Bets

In other news, Director Steven John Bandrowczak bought 5,100 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the transaction, the director directly owned 39,186 shares of the company’s stock, valued at $769,221.18. This trade represents a 14.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas R. Deason purchased 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average cost of $21.54 per share, with a total value of $258,480.00. Following the completion of the acquisition, the director directly 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. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is currently owned by company insiders.

Institutional Trading of Galaxy Digital

Several hedge funds have recently modified their holdings of GLXY. Victory Capital Management Inc. boosted its holdings in shares of Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock worth $663,000 after acquiring an additional 411 shares during the period. Triumph Capital Management boosted its stake in Galaxy Digital by 13.2% in the second quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock valued at $134,000 after buying an additional 572 shares in the last quarter. Private Advisor Group LLC grew its stake in shares of Galaxy Digital by 6.9% during the first quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock worth $186,000 after buying an additional 655 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Galaxy Digital by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock valued at $1,182,000 after acquiring an additional 666 shares during the period. Finally, Main Management ETF Advisors LLC raised its position in shares of Galaxy Digital by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock worth $1,593,000 after acquiring an additional 728 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.