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

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price gapped up before the market opened on Friday . The stock had previously closed at $20.63, but opened at $21.61. Galaxy Digital shares last traded at $22.18, with a volume of 1,130,950 shares.

Analysts Set New Price Targets

GLXY has been the topic of several analyst reports. BTIG Research reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a report on Tuesday. HC Wainwright cut their price target on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. Wall Street Zen lowered Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Weiss Ratings cut Galaxy Digital from a “hold (c)” rating to a “sell (d+)” rating in a report on Thursday, March 5th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $60.00 price objective on shares of Galaxy Digital in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Galaxy Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.54.

Galaxy Digital Price Performance

The stock has a market capitalization of $8.62 billion and a P/E ratio of 184.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a 50-day moving average price of $24.72 and a 200 day moving average price of $28.20.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.37 billion during the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction on Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the purchase, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rovida Advisors Inc. purchased a new stake in shares of Galaxy Digital during the second quarter valued at approximately $33,612,000. Vanguard Group Inc. grew its stake in Galaxy Digital by 15.5% in the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after acquiring an additional 2,179,540 shares in the last quarter. Seven Grand Managers LLC purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth $27,375,000. SG Americas Securities LLC purchased a new position in shares of Galaxy Digital during the third quarter valued at $3,119,000. Finally, Horizon Kinetics Asset Management LLC bought a new stake in shares of Galaxy Digital in the second quarter valued at about $29,877,000.

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.