Senator Investment Group LP Decreases Stake in Galaxy Digital Inc. $GLXY

Key Points

• Senator Investment Group reduced its Galaxy Digital stake by 32.8% in the second quarter, selling 47,148 shares and retaining 96,491 shares valued at approximately $2.64 million.
• Galaxy Digital shares opened at $23.21, with a market capitalization of $9.07 billion and a 12-month trading range of $16.43 to $45.92. The company reported a quarterly loss of $0.09 per share, narrower than the consensus estimate of a $0.36 loss.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $38.67, although several firms recently lowered their targets. Two directors also bought shares, while insiders collectively own 51.53% of the company.

Senator Investment Group LP decreased its holdings in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 32.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 96,491 shares of the company's stock after selling 47,148 shares during the period. Senator Investment Group LP's holdings in Galaxy Digital were worth $2,638,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new stake in Galaxy Digital during the second quarter worth approximately $80,000. Invesco Ltd. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $53,233,000. EverSource Wealth Advisors LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $116,000. First Trust Advisors LP acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $13,376,000. Finally, Cerity Partners LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at $219,000.

Galaxy Digital Stock Performance

Shares of GLXY stock opened at $23.21 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The company's fifty day moving average price is $23.72 and its two-hundred day moving average price is $24.59. The firm has a market capitalization of $9.07 billion, a P/E ratio of -35.71 and a beta of 5.06. Galaxy Digital Inc. has a 12 month low of $16.43 and a 12 month high of $45.92.

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

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason acquired 12,000 shares of the stock in a transaction on 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 purchase, the director directly 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven John Bandrowczak acquired 5,100 shares of the company's stock in a transaction on Monday, August 10th. The shares were acquired at an average price 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 in the company, valued at $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 51.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on GLXY. Weiss Ratings reiterated a "sell (d-)" rating on shares of Galaxy Digital in a report on Friday, August 21st. BTIG Research decreased their target price on Galaxy Digital from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Piper Sandler lowered their target price on Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating for the company in a research note on Friday, July 17th. Rosenblatt Securities reduced their price target on Galaxy Digital from $39.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Finally, Chardan Capital reissued a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Wednesday, August 5th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Galaxy Digital has a consensus rating of "Moderate Buy" and an average price target of $38.67.

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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