Bank of America Corp DE Buys 605,986 Shares of Galaxy Digital Inc. $GLXY

Key Points

• Bank of America more than doubled its Galaxy Digital stake in the second quarter, buying 605,986 additional shares to own 1.15 million shares valued at approximately $31.3 million.
• Galaxy Digital reported quarterly revenue of $8.71 billion and an adjusted loss of $0.09 per share, beating the consensus loss estimate of $0.36. The stock opened at $27.17, with a 52-week range of $16.43 to $45.92.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $39.58. Directors also purchased shares recently, while insiders collectively own 51.53% of the company.

Bank of America Corp DE increased its stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 112.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,145,172 shares of the company's stock after purchasing an additional 605,986 shares during the period. Bank of America Corp DE owned 0.29% of Galaxy Digital worth $31,309,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Riposte Capital LLC bought a new position in shares of Galaxy Digital in the first quarter worth $2,952,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Galaxy Digital in the fourth quarter worth $6,984,000. AWM Investment Company Inc. bought a new stake in Galaxy Digital during the second quarter valued at $12,221,000. California Public Employees Retirement System bought a new stake in Galaxy Digital during the first quarter valued at $5,446,000. Finally, Anson Funds Management LP purchased a new position in Galaxy Digital during the first quarter worth about $11,070,000.

Galaxy Digital Stock Performance

NASDAQ:GLXY opened at $27.17 on Wednesday. The firm has a market cap of $10.62 billion, a PE ratio of -41.80 and a beta of 5.10. Galaxy Digital Inc. has a fifty-two week low of $16.43 and a fifty-two week high of $45.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The business has a 50 day moving average price of $23.06 and a 200-day moving average price of $24.99.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same period in the previous year, the firm earned $0.08 earnings per share. Equities research analysts predict that Galaxy Digital Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

GLXY has been the subject of a number of research analyst reports. Morgan Stanley lifted their price target on Galaxy Digital from $37.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Citigroup decreased their price objective on shares of Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 19th. Zacks Research raised shares of Galaxy Digital from a "strong sell" rating to a "hold" rating in a research note on Friday, September 18th. Rosenblatt Securities dropped their target price on shares of Galaxy Digital from $39.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, August 3rd. Finally, Chardan Capital reissued a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research note on Wednesday, August 5th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.58.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas Deason purchased 12,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was acquired at an average price of $21.54 per share, with a total value of $258,480.00. Following the transaction, the director directly owned 71,000 shares of the company's stock, valued at approximately $1,529,340. This trade represents a 20.34% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Bandrowczak acquired 5,100 shares of the company's stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $19.63 per share, with a total value of $100,113.00. Following the acquisition, the director owned 39,186 shares in the company, valued at approximately $769,221.18. This trade represents a 14.96% increase in their position. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is owned by company insiders.

About Galaxy Digital

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy's business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.

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