Balyasny Asset Management L.P. Makes New $113.44 Million Investment in Galaxy Digital Inc. $GLXY

Balyasny Asset Management L.P. bought a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,179,685 shares of the company’s stock, valued at approximately $113,435,000. Balyasny Asset Management L.P. owned about 1.49% of Galaxy Digital as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GLXY. CWM LLC bought a new position in shares of Galaxy Digital during the second quarter worth approximately $26,000. Manchester Capital Management LLC acquired a new position in Galaxy Digital in the 2nd quarter valued at $32,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital during the 2nd quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the 2nd quarter worth $34,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Galaxy Digital during the second quarter worth $37,000.

Insider Buying and Selling at Galaxy Digital

In other news, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the completion of the transaction, the insider owned 687,921 shares of the company’s stock, valued at approximately $24,765,156. The trade was a 52.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Novogratz sold 3,000,000 shares of the company’s stock in a transaction on Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $108,000,000.00. The disclosure for this sale is available in the SEC filing.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock opened at $26.75 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. The company has a market cap of $10.45 billion and a PE ratio of 22.29. The company has a 50 day moving average of $32.34 and a 200-day moving average of $27.69. Galaxy Digital Inc. has a 1-year low of $8.20 and a 1-year high of $45.92.

Analyst Upgrades and Downgrades

GLXY has been the topic of a number of recent research reports. Morgan Stanley started coverage on shares of Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price target on the stock. Citizens Jmp started coverage on shares of Galaxy Digital in a research report on Tuesday. They set a “market outperform” rating and a $60.00 target price on the stock. Wall Street Zen raised shares of Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Piper Sandler boosted their price target on Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Galaxy Digital currently has an average rating of “Buy” and a consensus target price of $46.00.

Galaxy Digital Company Profile

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.