Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price 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.

Analyst Ratings Changes

GLXY has been the topic of several recent research reports. Piper Sandler dropped their target price on Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. BTIG Research restated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Thursday, May 21st. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research report on Monday, May 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Galaxy Digital in a research note on Friday, May 1st. Finally, The Goldman Sachs Group reduced their target price on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Stock Up 0.6%

The company’s fifty day simple moving average is $29.24 and its 200-day simple moving average is $25.63. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. The firm has a market capitalization of $11.21 billion and a PE ratio of -60.21.

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

Insider Transactions at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. This represents a 14.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 51.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of large investors have recently modified their holdings of GLXY. Western Wealth Management LLC purchased a new position in shares of Galaxy Digital in the 1st quarter valued at approximately $126,000. Bank of America Corp DE grew its position in Galaxy Digital by 124.3% during the 1st quarter. Bank of America Corp DE now owns 539,186 shares of the company’s stock worth $9,948,000 after purchasing an additional 298,781 shares during the last quarter. Anson Funds Management LP purchased a new stake in Galaxy Digital during the 1st quarter worth approximately $11,070,000. Janus Henderson Group PLC increased its stake in Galaxy Digital by 22.1% during the 1st quarter. Janus Henderson Group PLC now owns 89,981 shares of the company’s stock valued at $1,661,000 after purchasing an additional 16,300 shares in the last quarter. Finally, Amundi increased its stake in Galaxy Digital by 57.0% during the 1st quarter. Amundi now owns 23,399 shares of the company’s stock valued at $432,000 after purchasing an additional 8,499 shares in the last quarter.

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.