Galaxy Digital (NASDAQ:GLXY) Stock Price Up 11.1% Following Analyst Upgrade

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price traded up 11.1% during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $34.00 to $36.00. Piper Sandler currently has an overweight rating on the stock. Galaxy Digital traded as high as $30.62 and last traded at $30.13. 3,511,904 shares were traded during mid-day trading, an increase of 56% from the average session volume of 2,256,594 shares. The stock had previously closed at $27.13.

Several other research analysts also recently commented on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $33.00 price objective on shares of Galaxy Digital in a report on Thursday, July 3rd. HC Wainwright upgraded Galaxy Digital to a “strong-buy” rating in a report on Friday, May 16th. Rosenblatt Securities assumed coverage on Galaxy Digital in a report on Tuesday, June 24th. They set a “buy” rating and a $25.00 price target on the stock. Atb Cap Markets upgraded Galaxy Digital to a “strong-buy” rating in a report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Galaxy Digital to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Galaxy Digital has an average rating of “Buy” and a consensus target price of $31.33.

Insider Buying and Selling at Galaxy Digital

In related news, insider Christopher C. Ferraro sold 1,250,000 shares of the company’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $22,625,000.00. Following the transaction, the insider directly owned 1,437,921 shares of the company’s stock, valued at $26,026,370.10. This represents a 46.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Novogratz sold 4,380,967 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 348,921 shares in the company, valued at approximately $6,315,470.10. The trade was a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,668,671 shares of company stock worth $175,359,900.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently modified their holdings of GLXY. Sullivan Wood Capital Management LLC purchased a new position in Galaxy Digital in the 2nd quarter valued at about $26,699,000. Accurate Wealth Management LLC purchased a new position in Galaxy Digital in the 2nd quarter valued at about $440,000. Harbour Capital Advisors LLC purchased a new position in Galaxy Digital in the 2nd quarter valued at about $349,000. AdvisorNet Financial Inc purchased a new position in Galaxy Digital in the 2nd quarter valued at about $125,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Galaxy Digital in the 2nd quarter valued at about $79,000.

Galaxy Digital Stock Performance

The stock’s fifty day moving average price is $20.85.

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.