Galaxy Digital (NASDAQ:GLXY) Stock: Insider Douglas Deason Buys 5,000 Shares

Galaxy Digital Inc. (NASDAQ:GLXY) Director Douglas Deason acquired 5,000 shares of Galaxy Digital stock in a transaction on Friday, November 6th. The shares were bought at an average price of $13.98 per share, with a total value of $69,900.00. Following the completion of the transaction, the director directly owned 76,000 shares of the company’s stock, valued at $1,062,480. This trade represents a 7.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Galaxy Digital Stock Up 13.2%

GLXY opened at $15.97 on Thursday. The firm’s fifty day simple moving average is $20.33 and its two-hundred day simple moving average is $23.56. Galaxy Digital Inc. has a 52-week low of $11.78 and a 52-week high of $36.10. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $8.69 billion during the quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Tuesday, October 27th. Piper Sandler decreased their target price on Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Morgan Stanley decreased their target price on Galaxy Digital from $43.00 to $27.00 and set an “overweight” rating on the stock in a research report on Monday. BTIG Research lowered their price target on Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Finally, HC Wainwright dropped their price target on Galaxy Digital from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.96.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently modified their holdings of GLXY. State Street Corp grew its stake in Galaxy Digital by 99.7% during the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company’s stock valued at $104,821,000 after acquiring an additional 1,913,688 shares in the last quarter. Moore Capital Management LP lifted its stake in Galaxy Digital by 52.9% in the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after purchasing an additional 720,000 shares in the last quarter. Sullivan Wood Capital Management LLC boosted its holdings in shares of Galaxy Digital by 4.0% during the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock worth $33,213,000 after purchasing an additional 55,804 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after purchasing an additional 605,986 shares during the last quarter. Finally, AWM Investment Company Inc. acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $12,221,000.

Galaxy Digital Company Profile

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.