Galaxy Digital (NASDAQ:GLXY) Shares Gap Up – Should You Buy?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price gapped up prior to trading on Friday . The stock had previously closed at $26.04, but opened at $27.71. Galaxy Digital shares last traded at $27.95, with a volume of 2,833,815 shares traded.

Analyst Ratings Changes

GLXY has been the topic of a number of research analyst reports. HC Wainwright upgraded shares of Galaxy Digital to a “strong-buy” rating in a research note on Friday, May 16th. Canaccord Genuity Group reissued a “buy” rating and set a $33.00 price target on shares of Galaxy Digital in a report on Thursday, July 3rd. Wall Street Zen raised shares of Galaxy Digital to a “sell” rating in a research note on Friday. Rosenblatt Securities assumed coverage on shares of Galaxy Digital in a research note on Tuesday, June 24th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Atb Cap Markets raised shares of Galaxy Digital to a “strong-buy” rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $29.00.

Galaxy Digital Trading Up 4.2%

The firm’s 50-day moving average is $20.70.

Insider Activity at Galaxy Digital

In related news, insider Christopher C. Ferraro sold 1,250,000 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the sale, the insider directly owned 1,437,921 shares of the company’s stock, valued at approximately $26,026,370.10. This represents a 46.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Novogratz sold 4,380,967 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the sale, the chief executive officer directly owned 348,921 shares in the company, valued at $6,315,470.10. This trade represents a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,668,671 shares of company stock valued at $175,359,900 over the last quarter.

Hedge Funds Weigh In On Galaxy Digital

Several institutional investors have recently made changes to their positions in GLXY. SJS Investment Consulting Inc. purchased a new stake in Galaxy Digital during the 2nd quarter valued at approximately $77,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Galaxy Digital in the second quarter valued at $79,000. AdvisorNet Financial Inc purchased a new position in shares of Galaxy Digital in the second quarter valued at $125,000. Harbour Capital Advisors LLC purchased a new position in Galaxy Digital during the second quarter worth $349,000. Finally, Accurate Wealth Management LLC purchased a new position in Galaxy Digital during the second quarter worth $440,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.