Belpointe Asset Management LLC Acquires Shares of 12,774 Galaxy Digital Inc. $GLXY

Key Points

• Belpointe Asset Management LLC has acquired 12,774 shares of Galaxy Digital Inc. ($GLXY) valued at approximately $280,000 in the second quarter, highlighting a continued interest from institutional investors.
• Analysts have shown a positive outlook for Galaxy Digital, with upgrades on price targets from firms like Goldman Sachs and Piper Sandler, resulting in an average price target of $36.88.
• Insiders at Galaxy Digital have sold significant shares recently, with one director selling 50,000 shares worth over $1.4 million, indicating potential shifts in their confidence in the stock's future performance.

Belpointe Asset Management LLC acquired a new stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 12,774 shares of the company's stock, valued at approximately $280,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLXY. DHJJ Financial Advisors Ltd. bought a new position in shares of Galaxy Digital during the second quarter valued at $34,000. SJS Investment Consulting Inc. bought a new position in shares of Galaxy Digital during the second quarter valued at $77,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Galaxy Digital during the second quarter valued at $79,000. AdvisorNet Financial Inc bought a new position in shares of Galaxy Digital during the second quarter valued at $125,000. Finally, Harbour Capital Advisors LLC bought a new position in shares of Galaxy Digital during the second quarter valued at $349,000.

Analyst Upgrades and Downgrades

GLXY has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price objective on Galaxy Digital from $30.00 to $34.00 and gave the company a "neutral" rating in a report on Monday, October 6th. Jefferies Financial Group initiated coverage on Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price target for the company. Piper Sandler lifted their price target on Galaxy Digital from $36.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, October 1st. Canaccord Genuity Group lifted their price target on Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Rosenblatt Securities cut their price target on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $36.88.

Insiders Place Their Bets

In other Galaxy Digital news, Director Richard Tavoso sold 50,000 shares of the business'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 of the company's stock, valued at approximately $11,312,000. The trade was a 11.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Medina Rhonda Adams sold 33,333 shares of the business's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $29.83, for a total value of $994,323.39. Following the sale, the director directly owned 112,053 shares of the company's stock, valued at $3,342,540.99. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 433,333 shares of company stock valued at $11,851,323.

Galaxy Digital Price Performance

Shares of NASDAQ:GLXY opened at $39.38 on Friday. Galaxy Digital Inc. has a 1-year low of $8.20 and a 1-year high of $44.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. The stock's 50-day moving average price is $29.67.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $8.66 billion for the quarter, compared to the consensus estimate 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.

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