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

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) gapped up before the market opened on Thursday . The stock had previously closed at $21.90, but opened at $23.45. Galaxy Digital shares last traded at $23.1780, with a volume of 1,090,018 shares trading hands.

Analyst Ratings Changes

GLXY has been the subject of a number of research analyst reports. Piper Sandler dropped their target price on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. 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 reiterated an “overweight” rating and issued a $37.00 target price on shares of Galaxy Digital in a report on Wednesday, April 29th. Weiss Ratings cut shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a report on Wednesday, April 29th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus target price of $38.67.

Galaxy Digital Stock Up 5.3%

The firm has a market cap of $9.01 billion, a P/E ratio of -35.47 and a beta of 5.06. The firm has a fifty day moving average of $25.06 and a 200-day moving average of $24.50. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new position in Galaxy Digital during the 2nd quarter valued at $30,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Galaxy Digital during the 4th quarter valued at $36,000. Finally, Hollencrest Capital Management grew its holdings in Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after purchasing an additional 1,734 shares during the period.

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.