State Street Corp Purchases 1,913,688 Shares of Galaxy Digital Inc. $GLXY

Key Points

• State Street nearly doubled its Galaxy Digital position in the second quarter, purchasing 1,913,688 additional shares to own 3,833,993 shares, or about 0.98% of the company valued at $104.8 million.
• Other major investors also increased or initiated holdings, while insider activity was mixed: a director bought 5,100 shares and another insider sold 4,993 shares under a Rule 10b5-1 plan. Corporate insiders collectively own 51.53% of Galaxy Digital.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $39.58, despite several target reductions. Galaxy Digital shares opened at $25.19, and the company reported a quarterly loss of $0.09 per share, better than the expected $0.36 loss.

State Street Corp increased its position in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 99.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,833,993 shares of the company's stock after buying an additional 1,913,688 shares during the quarter. State Street Corp owned about 0.98% of Galaxy Digital worth $104,821,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Capital Research Global Investors acquired a new position in Galaxy Digital during the fourth quarter worth about $406,102,000. Norges Bank acquired a new stake in Galaxy Digital in the 4th quarter valued at about $32,045,000. Fred Alger Management LLC boosted its position in shares of Galaxy Digital by 572.1% during the 4th quarter. Fred Alger Management LLC now owns 1,165,251 shares of the company's stock valued at $26,055,000 after purchasing an additional 991,867 shares in the last quarter. Moore Capital Management LP boosted its position in shares of Galaxy Digital by 52.9% during the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock valued at $56,929,000 after purchasing an additional 720,000 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock valued at $31,309,000 after purchasing an additional 605,986 shares in the last quarter.

Insider Buying and Selling at Galaxy Digital

In other news, Director Steven Bandrowczak purchased 5,100 shares of the business's stock in a transaction dated Monday, August 10th. The stock was bought at an average cost of $19.63 per share, with a total value of $100,113.00. Following the purchase, the director directly owned 39,186 shares of the company's stock, valued at approximately $769,221.18. This trade represents a 14.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew W. Friedrich sold 4,993 shares of Galaxy Digital stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the sale, the insider owned 275,782 shares of the company's stock, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 51.53% of the company's stock.

Analysts Set New Price Targets

GLXY has been the topic of a number of research reports. Rosenblatt Securities dropped their target price on shares of Galaxy Digital from $39.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Citigroup reduced their target price on shares of Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating for the company in a report on Wednesday, August 19th. Piper Sandler dropped their price target on Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Zacks Research raised Galaxy Digital from a "strong sell" rating to a "hold" rating in a report on Friday, September 18th. Finally, Chardan Capital reiterated a "buy" rating and set a $35.00 price objective on shares of Galaxy Digital in a research report on Wednesday, August 5th. Ten research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.58.

Galaxy Digital Stock Down 2.3%

GLXY stock opened at $25.19 on Friday. The company has a 50 day moving average of $23.14 and a two-hundred day moving average of $25.04. The company has a market cap of $9.85 billion, a price-to-earnings ratio of -38.75 and a beta of 5.10. Galaxy Digital Inc. has a 12-month low of $16.43 and a 12-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.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping 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 business had revenue of $8.71 billion for the quarter. During the same period last year, the company posted $0.08 earnings per share. On average, equities analysts anticipate that Galaxy Digital Inc. will post -0.79 earnings per share for the current fiscal year.

About Galaxy Digital

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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