Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY) gapped up before the market opened on Thursday . The stock had previously closed at $28.19, but opened at $30.15. Galaxy Digital shares last traded at $29.24, with a volume of 2,269,669 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLXY. BTIG Research increased their target price on shares of Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Benchmark boosted their target price on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Piper Sandler increased their price target on Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Rosenblatt Securities boosted their price objective on Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Finally, Canaccord Genuity Group increased their target price on shares of Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $46.00.

Galaxy Digital Stock Up 10.6%

The firm has a market capitalization of $12.18 billion and a price-to-earnings ratio of 25.98. The firm’s 50-day moving average price is $25.97 and its 200 day moving average price is $28.55. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.74. The company had revenue of $28.40 billion during the quarter, compared to analyst estimates of $19.85 billion. During the same quarter last year, the business posted ($0.16) EPS.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 10,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately $295,900. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Harbour Capital Advisors LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $349,000. AdvisorNet Financial Inc acquired a new stake in shares of Galaxy Digital during the 2nd quarter valued at $125,000. SJS Investment Consulting Inc. purchased a new position in shares of Galaxy Digital in the second quarter worth approximately $77,000. Accurate Wealth Management LLC purchased a new stake in shares of Galaxy Digital in the second quarter valued at $440,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Galaxy Digital during the second quarter valued at $79,000.

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.