Galaxy Digital (NASDAQ:GLXY) Shares Gap Up on Insider Buying Activity

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $12.98, but opened at $14.33. Galaxy Digital shares last traded at $13.64, with a volume of 2,238,242 shares changing hands.

Specifically, CEO Michael Novogratz purchased 760,000 shares of Galaxy Digital stock in a transaction dated Thursday, November 5th. The shares were 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 owned 760,000 shares of the company’s stock, valued at $9,864,800. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GLXY. Zacks Research raised shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. Citigroup raised shares of Galaxy Digital from a “neutral” rating to a “buy” rating and raised their price target for the company from $26.00 to $28.00 in a research report on Tuesday, October 13th. The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research note on Tuesday, October 27th. Weiss Ratings lowered Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Finally, HC Wainwright cut their price objective on Galaxy Digital from $40.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.29.

Galaxy Digital Stock Performance

The stock has a 50-day moving average price of $21.09 and a 200 day moving average price of $23.90. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of -13.53 and a beta of 5.38.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The firm had revenue of $8.69 billion for the quarter. On average, analysts forecast that Galaxy Digital Inc. will post -0.07 EPS for the current year.

Institutional Investors Weigh In On Galaxy Digital

A number of large investors have recently modified their holdings of GLXY. New York Life Investment Management LLC purchased a new stake in Galaxy Digital during the 3rd quarter worth about $656,000. Fulcrum Asset Management LLP acquired a new position in shares of Galaxy Digital during the 3rd quarter worth about $1,803,000. Commonwealth Equity Services LLC increased its holdings in shares of Galaxy Digital by 2.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock valued at $717,000 after acquiring an additional 767 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Galaxy Digital in the 3rd quarter valued at about $37,000. Finally, Apollon Wealth Management LLC increased its holdings in shares of Galaxy Digital by 8.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 55,164 shares of the company’s stock valued at $1,254,000 after acquiring an additional 4,330 shares during the last quarter.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.