FirstWave Capital Management LLC Makes New Investment in Galaxy Digital Inc. $GLXY

Key Points

• FirstWave Capital Management acquired 46,152 Galaxy Digital shares during the second quarter, valued at approximately $1.26 million. Other major institutions, including Capital Research Global Investors, Invesco and Tidal Investments, also established positions.
• Analyst sentiment remains broadly positive, with 10 Buy, two Hold and two Sell ratings, producing a “Moderate Buy” consensus and an average price target of $39.58. Recent targets range from $26 to $48.
• Galaxy Digital insiders increased their holdings through share purchases, while the company reported a quarterly loss of $0.09 per share—better than the $0.36 consensus estimate—and $8.71 billion in revenue.

FirstWave Capital Management LLC bought a new stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 46,152 shares of the company's stock, valued at approximately $1,262,000.

Other institutional investors have also bought and sold shares of the company. Capital Research Global Investors bought a new position in shares of Galaxy Digital in the fourth quarter worth about $406,102,000. Invesco Ltd. purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital in the 2nd quarter worth approximately $48,452,000. Norges Bank bought a new position in Galaxy Digital in the 4th quarter worth approximately $32,045,000. Finally, Jane Street Group LLC purchased a new stake in Galaxy Digital during the 2nd quarter valued at approximately $29,114,000.

Analysts Set New Price Targets

GLXY has been the topic of several recent analyst reports. Morgan Stanley lifted their price objective on shares of Galaxy Digital from $37.00 to $48.00 and gave the company an "overweight" rating in a research report on Thursday. Piper Sandler reduced their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Galaxy Digital in a research note on Friday, August 21st. Rosenblatt Securities cut their price objective on 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, Citigroup reduced their target price on Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Galaxy Digital presently has an average rating of "Moderate Buy" and an average target price of $39.58.

Insider Activity at Galaxy Digital

In related news, Director Douglas Deason bought 12,000 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the acquisition, the director owned 71,000 shares in the company, valued at $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Bandrowczak bought 5,100 shares of the business's stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the transaction, the director owned 39,186 shares in the company, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is owned by company insiders.

Galaxy Digital Stock Performance

Galaxy Digital stock opened at $26.33 on Friday. The company's 50-day moving average price is $23.21 and its 200-day moving average price is $24.71. Galaxy Digital Inc. has a twelve month low of $16.43 and a twelve month high of $45.92. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04. The company has a market cap of $10.29 billion, a PE ratio of -40.51 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The firm had revenue of $8.71 billion during the quarter. During the same period in the previous year, the business posted $0.08 EPS. On average, equities research analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

About Galaxy Digital

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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