Galaxy Digital (NASDAQ:GLXY) Trading Up 7.8% – What’s Next?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) shot up 7.8% on Monday . The company traded as high as $24.16 and last traded at $24.09. 1,065,160 shares traded hands during trading, a decline of 84% from the average session volume of 6,635,096 shares. The stock had previously closed at $22.35.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GLXY. Wall Street Zen cut Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a research note on Wednesday, February 4th. Weiss Ratings downgraded Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Rosenblatt Securities reissued a “buy” rating and set a $46.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. Finally, The Goldman Sachs Group dropped their target price on shares of Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Galaxy Digital has an average rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Price Performance

The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. The company has a market cap of $9.00 billion and a PE ratio of 193.03. The firm has a 50 day moving average of $24.67 and a two-hundred day moving average of $28.24.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The company had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was purchased at an average price of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director directly owned 59,000 shares in the company, valued at $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Trading of Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of GLXY. Caitong International Asset Management Co. Ltd raised its holdings in Galaxy Digital by 8,070.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock worth $924,000 after buying an additional 40,834 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Galaxy Digital during the fourth quarter valued at approximately $1,181,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Galaxy Digital during the fourth quarter valued at approximately $154,000. Invesco Ltd. increased its position in shares of Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after acquiring an additional 731,215 shares in the last quarter. Finally, Feynman Point Asset Management LLC purchased a new position in Galaxy Digital in the 4th quarter worth approximately $1,029,000.

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.