Galaxy Digital (NASDAQ:GLXY) Shares Up 9.1% – Time to Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) rose 9.1% during trading on Tuesday . The stock traded as high as $24.80 and last traded at $24.9180. Approximately 3,824,152 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 6,486,895 shares. The stock had previously closed at $22.84.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, May 1st. Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Morgan Stanley reissued an “overweight” rating and set a $37.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th. Zacks Research downgraded Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Finally, Citigroup cut their price target on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Galaxy Digital has a consensus rating of “Moderate Buy” and an average price target of $38.67.

Galaxy Digital Stock Up 9.1%

The firm has a market cap of $9.74 billion, a PE ratio of -38.30 and a beta of 5.06. The business’s 50 day moving average price is $24.45 and its 200 day moving average price is $24.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion during the quarter. During the same quarter in the previous year, the company posted $0.08 EPS. On average, equities research analysts expect that Galaxy Digital Inc. will post -0.82 earnings per share for the current year.

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, Director Steven John Bandrowczak bought 5,100 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Douglas R. Deason purchased 12,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 12th. The stock was bought at an average cost of $21.54 per share, with a total value of $258,480.00. Following the completion of the transaction, the director owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 51.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLXY. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Galaxy Digital in the second quarter valued at $30,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Galaxy Digital by 183.4% during the fourth 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 during the period. Picton Mahoney Asset Management boosted its holdings in shares of Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after purchasing an additional 1,000 shares during the last quarter. Danske Bank A S purchased a new stake in Galaxy Digital in the 4th quarter valued at about $36,000. Finally, Hollencrest Capital Management increased its position in Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after purchasing an additional 1,734 shares during the last quarter.

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.