Norges Bank Invests $32.05 Million in Galaxy Digital Inc. $GLXY

Norges Bank purchased a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 1,431,241 shares of the company’s stock, valued at approximately $32,045,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Galaxy Digital by 27.5% in the fourth 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. Invesco Ltd. bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $53,233,000. Tidal Investments LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $48,452,000. Jane Street Group LLC bought a new position in shares of Galaxy Digital in the second quarter valued at approximately $29,114,000. Finally, Man Group plc bought a new position in shares of Galaxy Digital in the third quarter valued at approximately $38,549,000.

Insider Activity at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the completion of the sale, the director directly owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 51.53% of the company’s stock.

Galaxy Digital Stock Up 7.1%

GLXY opened at $32.68 on Wednesday. Galaxy Digital Inc. has a 1-year low of $16.43 and a 1-year high of $45.92. The stock’s fifty day simple moving average is $26.27 and its 200 day simple moving average is $25.09. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The stock has a market cap of $12.74 billion and a PE ratio of -68.08.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. The company had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same quarter last year, the business posted ($0.86) EPS. As a group, research analysts expect that Galaxy Digital Inc. will post -0.32 earnings per share for the current year.

Analyst Ratings Changes

GLXY has been the topic of a number of recent research reports. Citigroup increased their price objective on Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price objective on shares of Galaxy Digital in a research note on Thursday, April 23rd. BTIG Research reissued 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 set a $50.00 price objective on shares of Galaxy Digital in a research report on Friday, April 24th. Finally, Morgan Stanley restated an “overweight” rating and issued a $37.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

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.