Harvest Portfolios Group Inc. Makes New Investment in Galaxy Digital Inc. $GLXY

Harvest Portfolios Group Inc. purchased a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 86,007 shares of the company’s stock, valued at approximately $1,883,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLXY. CWM LLC acquired a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $26,000. Centerpoint Advisors LLC acquired a new position in Galaxy Digital in the second quarter worth about $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the second quarter worth about $34,000. FNY Investment Advisers LLC bought a new position in Galaxy Digital during the second quarter worth about $60,000. Finally, SJS Investment Consulting Inc. acquired a new stake in Galaxy Digital during the second quarter valued at approximately $77,000.

Galaxy Digital Price Performance

NASDAQ GLXY opened at $31.56 on Friday. The stock’s 50 day simple moving average is $34.01. Galaxy Digital Inc. has a one year low of $8.20 and a one year high of $45.92. The company has a market cap of $11.88 billion and a price-to-earnings ratio of 26.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on GLXY shares. Benchmark increased their target price on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Canaccord Genuity Group upped their price target on Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Jefferies Financial Group started coverage on Galaxy Digital in a research note on Wednesday, July 23rd. They set a “buy” rating and a $35.00 price objective for the company. Maxim Group began coverage on Galaxy Digital in a report on Thursday, July 31st. They set a “buy” rating and a $40.00 price objective for the company. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Galaxy Digital in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $44.33.

Insider Activity at Galaxy Digital

In related news, Director Medina Rhonda Adams sold 33,333 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the transaction, the director owned 112,053 shares in the company, valued at $3,342,540.99. This represents a 22.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher C. Ferraro sold 750,000 shares of the stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the sale, the insider directly owned 687,921 shares in the company, valued at approximately $24,765,156. This represents a 52.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,783,333 shares of company stock valued at $135,994,323 over the last ninety days.

Galaxy Digital Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.