State of New Jersey Common Pension Fund D Makes New $3.01 Million Investment in Galaxy Digital Inc. $GLXY

State of New Jersey Common Pension Fund D acquired a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 89,036 shares of the company’s stock, valued at approximately $3,010,000.

A number of other institutional investors have also recently made changes to their positions in GLXY. Balyasny Asset Management L.P. bought a new stake in Galaxy Digital during the 2nd quarter valued at $113,435,000. Invesco Ltd. bought a new stake in Galaxy Digital in the 2nd quarter worth $53,233,000. Tidal Investments LLC purchased a new position in shares of Galaxy Digital in the second quarter valued at about $48,452,000. Geode Capital Management LLC bought a new position in shares of Galaxy Digital during the second quarter valued at about $43,525,000. Finally, Marshall Wace LLP bought a new position in shares of Galaxy Digital during the second quarter valued at about $35,568,000.

Galaxy Digital Price Performance

GLXY opened at $21.20 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The company has a market cap of $8.28 billion and a price-to-earnings ratio of 176.67. The stock has a fifty day simple moving average of $25.27 and a two-hundred day simple moving average of $28.71. Galaxy Digital Inc. has a 12-month low of $8.20 and a 12-month high of $45.92.

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

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

GLXY has been the topic of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and set a $46.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. BTIG Research reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research note on Tuesday, February 3rd. Cantor Fitzgerald dropped their price target on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a research note on Monday, February 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. Finally, Morgan Stanley decreased their price objective on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

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.