Galaxy Digital (NASDAQ:GLXY) Shares Gap Up on Analyst Upgrade

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price gapped up before the market opened on Monday after The Goldman Sachs Group raised their price target on the stock from $30.00 to $34.00. The stock had previously closed at $36.16, but opened at $38.52. The Goldman Sachs Group currently has a neutral rating on the stock. Galaxy Digital shares last traded at $38.69, with a volume of 2,542,720 shares.

GLXY has been the topic of a number of other research reports. Jefferies Financial Group assumed coverage on Galaxy Digital in a research note on Wednesday, July 23rd. They set a “buy” rating and a $35.00 price target on the stock. BTIG Research reissued a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a research note on Tuesday, August 5th. Canaccord Genuity Group increased their price target on Galaxy Digital from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen raised Galaxy Digital from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, Rosenblatt Securities cut their target price on Galaxy Digital from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $36.88.

Insider Activity

In other news, Director Richard Tavoso sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the completion of the sale, the director directly owned 400,000 shares in the company, valued at $11,312,000. This trade represents a 11.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Erin Elizabeth Brown sold 350,000 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total value of $9,443,000.00. Following the sale, the chief operating officer owned 198,088 shares of the company’s stock, valued at $5,344,414.24. This represents a 63.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 433,333 shares of company stock worth $11,851,323 over the last ninety days.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds have recently bought and sold shares of the company. Sullivan Wood Capital Management LLC acquired a new position in Galaxy Digital in the second quarter worth about $26,699,000. Accurate Wealth Management LLC acquired a new position in Galaxy Digital in the second quarter worth about $440,000. Harbour Capital Advisors LLC acquired a new position in Galaxy Digital in the second quarter worth about $349,000. SJS Investment Consulting Inc. acquired a new position in Galaxy Digital in the second quarter worth about $77,000. Finally, AdvisorNet Financial Inc acquired a new position in Galaxy Digital in the second quarter worth about $125,000.

Galaxy Digital Stock Up 7.4%

The stock has a 50 day moving average price of $28.63. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.28.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. The firm had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

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.