Rovida Advisors Inc. Makes New Investment in Galaxy Digital Inc. $GLXY

Key Points

• Rovida Advisors opened a new position in Galaxy Digital (GLXY), buying 1,536,200 shares worth about $33.61 million — roughly 5.3% of Rovida's portfolio and about 0.44% of Galaxy Digital outstanding, making it Rovida's 6th largest holding.
• Several other institutions also added stakes (e.g., Geode $43.53M, Sullivan Wood $26.70M), while insider activity included Christopher Ferraro selling 750,000 shares for $27M (a 52.16% cut in his ownership) and director Douglas Deason buying 10,000 shares at $29.59.
• Analyst sentiment has turned positive with multiple upgrades and higher targets (e.g., Benchmark to $57, Canaccord to $50, Morgan Stanley overweight at $42), and a consensus "Buy" with an average target around $43.78.

Rovida Advisors Inc. bought a new position in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,536,200 shares of the company's stock, valued at approximately $33,612,000. Galaxy Digital comprises approximately 5.3% of Rovida Advisors Inc.'s investment portfolio, making the stock its 6th biggest position. Rovida Advisors Inc. owned approximately 0.44% of Galaxy Digital at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $43,525,000. Rovida Investment Management Ltd bought a new stake in shares of Galaxy Digital in the second quarter valued at approximately $33,612,000. Sullivan Wood Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth $26,699,000. MMCAP International Inc. SPC bought a new position in Galaxy Digital during the second quarter worth $16,646,000. Finally, Primecap Management Co. CA bought a new position in Galaxy Digital during the second quarter worth $6,366,000.

Galaxy Digital Price Performance

Shares of GLXY opened at $25.76 on Thursday. The firm has a market cap of $9.69 billion and a P/E ratio of 21.47. Galaxy Digital Inc. has a one year low of $8.20 and a one year high of $45.92. The stock has a 50 day simple moving average of $34.58. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36.

Insiders Place Their Bets

In other news, insider Christopher C. Ferraro sold 750,000 shares of the company's stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the transaction, the insider directly owned 687,921 shares in the company, valued at approximately $24,765,156. This represents a 52.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas R. Deason purchased 10,000 shares of the firm's stock in a transaction dated Friday, November 7th. The shares were bought at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the purchase, the director directly owned 10,000 shares of the company's stock, valued at $295,900. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 3,783,333 shares of company stock valued at $135,994,323.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLXY. Benchmark boosted their price objective on shares of Galaxy Digital from $40.00 to $57.00 and gave the stock a "buy" rating in a report on Wednesday, October 22nd. Morgan Stanley began coverage on Galaxy Digital in a research report on Thursday, November 6th. They issued an "overweight" rating and a $42.00 target price for the company. Piper Sandler lifted their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Weiss Ratings upgraded shares of Galaxy Digital from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday. Finally, Canaccord Genuity Group upped their target price on shares of Galaxy Digital from $34.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $43.78.

Galaxy Digital Profile

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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