The Manufacturers Life Insurance Company Makes New Investment in Galaxy Digital Inc. $GLXY

The Manufacturers Life Insurance Company bought a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 41,972 shares of the company’s stock, valued at approximately $774,000.

Several other institutional investors also recently made changes to their positions in GLXY. Caitong International Asset Management Co. Ltd raised its position in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after purchasing an additional 928 shares during the period. Picton Mahoney Asset Management boosted its position in Galaxy Digital by 200.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after purchasing an additional 1,000 shares during the period. Danske Bank A S bought a new position in Galaxy Digital during the 4th quarter worth $36,000. Northwestern Mutual Wealth Management Co. bought a new position in Galaxy Digital during the 4th quarter worth $46,000. Finally, Hollencrest Capital Management increased its position in Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after buying an additional 1,734 shares during the period.

Insider Transactions at Galaxy Digital

In related news, Director Steven John Bandrowczak bought 5,100 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the transaction, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. This represents a 14.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were 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 in the company, valued at approximately $43,310,904.63. The trade was a 14.24% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 51.53% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on GLXY. Piper Sandler cut their target price on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a research note on Friday, July 17th. BTIG Research dropped their price objective on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Chardan Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of Galaxy Digital in a research report on Wednesday, August 5th. Morgan Stanley reissued an “overweight” rating and set a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Galaxy Digital in a research report on Friday, May 1st. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.83.

Galaxy Digital Stock Down 0.6%

Shares of Galaxy Digital stock opened at $20.95 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. Galaxy Digital Inc. has a 1-year low of $16.43 and a 1-year high of $45.92. The business’s fifty day moving average price is $25.71 and its two-hundred day moving average price is $24.79. The company has a market capitalization of $8.17 billion, a P/E ratio of -32.23 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.10% and a negative net margin of 0.75%.During the same period last year, the business posted $0.08 earnings per share. As a group, research analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current year.

About Galaxy Digital

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.