Galaxy Digital (NASDAQ:GLXY) Stock Price Up 7.8% – Time to Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) shares were up 7.8% during trading on Monday . The stock traded as high as $24.16 and last traded at $24.09. Approximately 1,065,160 shares traded hands during trading, a decline of 84% from the average daily volume of 6,635,096 shares. The stock had previously closed at $22.35.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research note on Friday, January 30th. The Goldman Sachs Group dropped their price objective on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 4th. Citigroup assumed coverage on Galaxy Digital in a report on Wednesday, February 25th. They issued a “neutral” rating and a $25.00 price objective for the company. Weiss Ratings lowered Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, Cantor Fitzgerald dropped their price target on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.54.

Galaxy Digital Stock Performance

The business has a fifty day simple moving average of $24.67 and a two-hundred day simple moving average of $28.24. The company has a market cap of $9.00 billion and a P/E ratio of 193.03. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.80.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.24) by $0.16. The business had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of Galaxy Digital stock in a transaction on Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares in the company, valued at approximately $1,227,200. This represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. Manchester Capital Management LLC purchased a new position in Galaxy Digital during the second quarter valued at $32,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after buying an additional 928 shares in the last quarter. North Star Investment Management Corp. bought a new position in shares of Galaxy Digital during the 3rd quarter valued at approximately $34,000. Picton Mahoney Asset Management increased its holdings in Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Finally, ORG Partners LLC increased its holdings in Galaxy Digital by 1,110.0% in the 3rd quarter. ORG Partners LLC now owns 968 shares of the company’s stock worth $36,000 after acquiring an additional 888 shares in 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.