Hillsdale Investment Management Inc. Acquires Shares of 311,400 Galaxy Digital Inc. $GLXY

Key Points

• Hillsdale Investment Management disclosed a new fourth-quarter stake in Galaxy Digital, buying 311,400 shares valued at about $6.98 million. The position represented roughly 0.08% of the company.
• Galaxy Digital has continued to attract institutional interest, with several other hedge funds and asset managers also increasing their holdings in recent filings.
• Insider activity was mixed: Director Michael D. Daffey sold 250,000 shares in May, while Wall Street sentiment remains broadly positive with an average “Moderate Buy” rating and a $39.50 average price target.

Hillsdale Investment Management Inc. acquired a new stake in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 311,400 shares of the company's stock, valued at approximately $6,984,000. Hillsdale Investment Management Inc. owned about 0.08% of Galaxy Digital as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its position in Galaxy Digital by 2.1% in the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company's stock valued at $663,000 after purchasing an additional 411 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in shares of Galaxy Digital by 6.8% during the third quarter. Belpointe Asset Management LLC now owns 13,641 shares of the company's stock valued at $461,000 after acquiring an additional 867 shares in the last quarter. Raymond James Financial Inc. raised its holdings in shares of Galaxy Digital by 6.7% during the third quarter. Raymond James Financial Inc. now owns 13,768 shares of the company's stock valued at $465,000 after acquiring an additional 868 shares in the last quarter. CWM LLC raised its holdings in shares of Galaxy Digital by 108.2% during the fourth quarter. CWM LLC now owns 2,954 shares of the company's stock valued at $66,000 after acquiring an additional 1,535 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Galaxy Digital by 40.6% during the third quarter. IFP Advisors Inc now owns 5,388 shares of the company's stock valued at $182,000 after acquiring an additional 1,555 shares in the last quarter.

Insider Activity at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director directly owned 1,505,419 shares of the company's stock, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 51.53% of the company's stock.

Wall Street Analyst Weigh In

GLXY has been the subject of a number of recent analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $50.00 target price on shares of Galaxy Digital in a report on Friday, April 24th. Chardan Capital reaffirmed a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research note on Monday, May 4th. Wall Street Zen raised Galaxy Digital from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 2nd. Citigroup upped their price target on Galaxy Digital from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 18th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $50.00 price target on shares of Galaxy Digital in a research note on Thursday, May 21st. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.50.

Galaxy Digital Trading Down 1.8%

NASDAQ GLXY opened at $29.58 on Friday. Galaxy Digital Inc. has a 12 month low of $16.43 and a 12 month high of $45.92. The stock has a market cap of $11.53 billion and a P/E ratio of -61.62. The stock's fifty day moving average price is $25.04 and its 200-day moving average price is $25.05. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The firm had revenue of $10.21 billion for the quarter. During the same period in the prior year, the company posted ($0.86) earnings per share. As a group, equities analysts forecast that Galaxy Digital Inc. will post -0.32 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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