Galaxy Digital Inc. $GLXY Stake Lifted by Squarepoint Ops LLC

Key Points

• Squarepoint Ops increased its Galaxy Digital stake by 67.5% in the second quarter, holding 144,335 shares valued at approximately $3.95 million. Several other investment firms also initiated or expanded positions.
• Galaxy Digital saw mixed insider activity: Director Steven Bandrowczak bought 5,100 shares, while insider Matthew Friedrich sold 4,993 shares under a pre-arranged Rule 10b5-1 plan. Insiders collectively own 51.53% of the company.
• Analyst sentiment remains a “Moderate Buy,” with an average price target of $39.58 versus a recent share price of $24.40, although targets and ratings were mixed. The company’s latest quarterly loss of $0.09 per share was better than the expected $0.36 loss.

Squarepoint Ops LLC boosted its stake in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 67.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,335 shares of the company's stock after buying an additional 58,161 shares during the period. Squarepoint Ops LLC's holdings in Galaxy Digital were worth $3,946,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in GLXY. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Galaxy Digital during the second quarter valued at $30,000. Caitong International Asset Management Co. Ltd increased its holdings 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 during the period. Picton Mahoney Asset Management increased its holdings in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company's stock worth $34,000 after acquiring an additional 1,000 shares during the period. Hollencrest Capital Management lifted its position in Galaxy Digital by 204.0% in the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company's stock valued at $48,000 after purchasing an additional 1,734 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in Galaxy Digital in the 4th quarter valued at about $49,000.

Insider Transactions at Galaxy Digital

In related news, Director Steven Bandrowczak acquired 5,100 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the completion of the acquisition, the director directly owned 39,186 shares of the company's stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew Friedrich sold 4,993 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total transaction of $134,960.79. Following the completion of the transaction, the insider owned 275,782 shares of the company's stock, valued at $7,454,387.46. This trade represents a 1.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 51.53% of the company's stock.

Wall Street Analyst Weigh In

GLXY has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of Galaxy Digital from $37.00 to $48.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. BTIG Research dropped their price target on shares of Galaxy Digital from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Citigroup cut their price target on Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, August 19th. Rosenblatt Securities reduced 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, Zacks Research lowered Galaxy Digital from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $39.58.

Galaxy Digital Price Performance

Shares of NASDAQ GLXY opened at $24.40 on Friday. The stock has a market cap of $9.54 billion, a P/E ratio of -37.54 and a beta of 5.10. The firm's 50-day simple moving average is $23.13 and its 200 day simple moving average is $24.85. 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 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, beating analysts' consensus estimates of ($0.36) by $0.27. The firm had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same quarter in the prior year, the company earned $0.08 EPS. Equities analysts expect that Galaxy Digital Inc. will post -0.79 EPS for the current year.

Galaxy Digital Company Profile

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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