Galaxy Digital (NASDAQ:GLXY) Shares Up 17.1% – Time to Buy?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price rose 17.1% during trading on Thursday . The company traded as high as $21.37 and last traded at $21.3910. Approximately 4,550,731 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 6,419,266 shares. The stock had previously closed at $18.26.

Analyst Ratings Changes

A number of analysts have recently weighed in on GLXY shares. Wall Street Zen upgraded shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. BTIG Research reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Thursday, May 21st. Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Weiss Ratings cut Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Galaxy Digital in a research report on Friday, May 1st. Ten investment 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 data from MarketBeat, Galaxy Digital currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.58.

Galaxy Digital Price Performance

The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $8.19 billion, a PE ratio of -43.77 and a beta of 4.84. The firm’s 50 day simple moving average is $27.32 and its 200 day simple moving average is $25.48.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.10. The business had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same period in the prior year, the company posted ($0.86) EPS. As a group, research analysts anticipate that Galaxy Digital Inc. will post -0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael D. Daffey sold 250,000 shares of the company’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. This represents a 14.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after acquiring an additional 4,463,782 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Galaxy Digital by 184.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock worth $1,808,000 after purchasing an additional 52,334 shares during the last quarter. Encompass More Asset Management bought a new stake in shares of Galaxy Digital during the fourth quarter worth $896,000. Capelight Capital Asset Management LP purchased a new stake in shares of Galaxy Digital during the fourth quarter valued at $4,025,000. Finally, Riposte Capital LLC purchased a new stake in shares of Galaxy Digital during the first quarter valued at $2,952,000.

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.