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 $28.58, but opened at $30.75. Galaxy Digital shares last traded at $27.7930, with a volume of 1,039,235 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Galaxy Digital in a research note on Thursday, April 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, May 1st. Weiss Ratings downgraded Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Friday, April 24th. Finally, Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

Galaxy Digital Stock Up 3.5%

The firm has a market cap of $11.41 billion and a PE ratio of -60.96. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The company’s 50-day simple moving average is $29.44 and its two-hundred day simple moving average is $25.67.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.10. The firm had revenue of $10.21 billion during the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same period last year, the company posted ($0.86) earnings per share. On average, analysts predict that Galaxy Digital Inc. will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Galaxy Digital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLXY. JPMorgan Chase & Co. purchased a new position in Galaxy Digital during the 2nd quarter valued at $80,000. Invesco Ltd. purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $53,233,000. EverSource Wealth Advisors LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $116,000. First Trust Advisors LP bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $13,376,000. Finally, Cerity Partners LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at about $219,000.

Galaxy Digital Company Profile

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.