Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped up before the market opened on Thursday . The stock had previously closed at $28.58, but opened at $30.75. Galaxy Digital shares last traded at $27.7930, with a volume of 1,039,235 shares changing hands.

Analysts Set New Price Targets

GLXY has been the subject of a number of research analyst reports. BTIG Research restated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Thursday, May 21st. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Friday, April 24th. Citigroup raised their price objective on Galaxy Digital from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 18th. Chardan Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a report on Monday, May 4th. Finally, Piper Sandler dropped their target price on Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Galaxy Digital Trading Up 0.6%

The stock has a market cap of $11.21 billion and a PE ratio of -60.21. The company’s fifty day moving average is $29.24 and its 200-day moving average is $25.63. 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 posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) 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 company posted ($0.86) earnings per share. On average, analysts predict that Galaxy Digital Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction dated 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 transaction, the director owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 51.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after purchasing an additional 4,463,782 shares during the period. SG Americas Securities LLC lifted its stake in shares of Galaxy Digital by 173.8% in the 4th quarter. SG Americas Securities LLC now owns 252,558 shares of the company’s stock valued at $5,647,000 after purchasing an additional 160,305 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Galaxy Digital by 184.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock valued at $1,808,000 after purchasing an additional 52,334 shares during the period. Encompass More Asset Management purchased a new stake in Galaxy Digital during the fourth quarter worth $896,000. Finally, Rovida Investment Management Ltd boosted its holdings in Galaxy Digital by 21.2% during the third quarter. Rovida Investment Management Ltd now owns 1,861,200 shares of the company’s stock worth $62,890,000 after buying an additional 325,000 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.