Galaxy Digital (NASDAQ:GLXY) CEO Acquires $9,864,800.00 in Stock

Galaxy Digital Inc. (NASDAQ:GLXY) CEO Michael Novogratz bought 760,000 shares of Galaxy Digital stock in a transaction dated Thursday, November 5th. The shares were acquired at an average price of $12.98 per share, with a total value of $9,864,800.00. Following the completion of the purchase, the chief executive officer owned 760,000 shares in the company, valued at approximately $9,864,800. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Galaxy Digital Stock Down 7.1%

NASDAQ GLXY traded down $0.99 on Thursday, hitting $12.98. 17,458,053 shares of the stock traded hands, compared to its average volume of 6,540,083. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. Galaxy Digital Inc. has a twelve month low of $11.78 and a twelve month high of $36.10. The stock has a 50-day moving average of $21.33 and a 200 day moving average of $24.01. The company has a market capitalization of $5.07 billion, a P/E ratio of -12.98 and a beta of 5.38.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The firm had revenue of $8.69 billion for the quarter. As a group, analysts expect that Galaxy Digital Inc. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GLXY shares. BTIG Research lowered their price objective on shares of Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Maxim Group reduced their target price on shares of Galaxy Digital from $46.00 to $36.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research report on Wednesday, October 28th. Morgan Stanley dropped their price objective on shares of Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Finally, Rosenblatt Securities reduced their price objective on shares of Galaxy Digital from $35.00 to $30.00 and set a “buy” rating for the company in a report on Monday, October 26th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in Galaxy Digital by 99.7% in the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company’s stock valued at $104,821,000 after buying an additional 1,913,688 shares in the last quarter. Moore Capital Management LP raised its stake in Galaxy Digital by 52.9% during the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after acquiring an additional 720,000 shares in the last quarter. Bank of America Corp DE raised its stake in Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after acquiring an additional 605,986 shares in the last quarter. Anson Funds Management LP bought a new position in shares of Galaxy Digital during the first quarter valued at $11,070,000. Finally, AWM Investment Company Inc. bought a new position in shares of Galaxy Digital during the second quarter valued at $12,221,000.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.