Bank of America Corp DE Increases Stake in Galaxy Digital Inc. $GLXY

Key Points

• Bank of America more than doubled its Galaxy Digital stake in the first quarter, increasing holdings by 124.3% to 539,186 shares valued at approximately $9.95 million. Other institutional investors also added or initiated positions.
• Galaxy Digital insiders signaled confidence through purchases, including directors Steven John Bandrowczak and Douglas R. Deason, while insiders collectively own 51.53% of the company.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and an average price target of $38.67 versus the stock’s reported $23.64 opening price. Recent targets ranged from $26 to $37, although some firms lowered their estimates.

Bank of America Corp DE increased its stake in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 124.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 539,186 shares of the company's stock after buying an additional 298,781 shares during the period. Bank of America Corp DE owned 0.14% of Galaxy Digital worth $9,948,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Caitong International Asset Management Co. Ltd raised its position in shares of Galaxy Digital by 183.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company's stock worth $32,000 after acquiring an additional 928 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company's stock worth $34,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S purchased a new position in Galaxy Digital during the fourth quarter valued at $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Galaxy Digital in the 4th quarter worth about $46,000. Finally, Hollencrest Capital Management increased its stake in shares of Galaxy Digital by 204.0% in the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company's stock worth $48,000 after acquiring an additional 1,734 shares in the last quarter.

Insider Transactions at Galaxy Digital

In related news, Director Steven John Bandrowczak purchased 5,100 shares of Galaxy Digital stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the completion of the transaction, the director directly owned 39,186 shares in the company, valued at $769,221.18. This represents a 14.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Douglas R. Deason acquired 12,000 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was bought at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the purchase, 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 ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 51.53% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on GLXY. Rosenblatt Securities dropped their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Citigroup lowered their target price on shares of Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating for the company in a report on Wednesday. Wall Street Zen raised Galaxy Digital from a "strong sell" rating to a "sell" rating in a report on Saturday, May 2nd. Morgan Stanley reissued an "overweight" rating and issued a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Galaxy Digital in a report on Friday, May 1st. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Galaxy Digital presently has a consensus rating of "Moderate Buy" and an average price target of $38.67.

Galaxy Digital Stock Performance

Shares of NASDAQ GLXY opened at $23.64 on Monday. The firm's 50-day moving average price is $24.67 and its 200-day moving average price is $24.45. Galaxy Digital Inc. has a 52-week low of $16.43 and a 52-week high of $45.92. The company has a market cap of $9.24 billion, a PE ratio of -36.37 and a beta of 5.06. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.The business had revenue of $8.71 billion for the quarter. During the same period in the previous year, the business posted $0.08 earnings per share. As a group, analysts anticipate that Galaxy Digital Inc. will post -0.82 EPS for the current year.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.

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