Galaxy Digital (NASDAQ:GLXY) Trading 2.7% Higher – Should You Buy?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price was up 2.7% on Monday . The company traded as high as $24.29 and last traded at $24.03. Approximately 624,095 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 5,263,557 shares. The stock had previously closed at $23.40.

Analyst Upgrades and Downgrades

GLXY has been the topic of several recent analyst reports. JMP Securities set a $60.00 price objective on Galaxy Digital in a report on Tuesday, December 9th. Canaccord Genuity Group lifted their target price on shares of Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. The Goldman Sachs Group reduced their price target on shares of Galaxy Digital from $30.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, December 5th. Citigroup began coverage on shares of Galaxy Digital in a research note on Tuesday, December 9th. They issued an “outperform” rating for the company. Finally, Rosenblatt Securities lifted their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $46.00.

Galaxy Digital Stock Down 1.6%

The business has a fifty day moving average price of $28.33 and a two-hundred day moving average price of $28.15. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The company has a market cap of $8.90 billion and a price-to-earnings ratio of 18.98.

Insider Buying and Selling at Galaxy Digital

In other news, CEO Michael Novogratz sold 3,000,000 shares of the business’s stock in a transaction on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Douglas R. Deason acquired 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $295,900. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently made changes to their positions in GLXY. CWM LLC bought a new position in Galaxy Digital in the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth $32,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital during the second quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the second quarter worth $34,000. Finally, North Star Investment Management Corp. acquired a new position in Galaxy Digital during the 3rd quarter valued at $34,000.

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.