Van ECK Associates Corp Has $47.73 Million Stake in Galaxy Digital Inc. $GLXY

Key Points

• Van ECK Associates trimmed its position in Galaxy Digital by 8.5%, selling 130,631 shares and ending the period with 1,411,662 shares worth $47.73 million (about 0.38% of the company).
• Director Douglas R. Deason purchased 25,000 shares at $20.80 (a $520,000 transaction), increasing his stake to 59,000 shares — a 73.53% rise in his ownership.
• Galaxy beat EPS estimates for the quarter (‑$1.08 vs. consensus ‑$1.24) but missed revenue ($10.37B vs. $13.08B); the stock has an $8.38B market cap and a consensus rating of "Moderate Buy" with an average target of $42.54.

Van ECK Associates Corp trimmed its position in shares of Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,411,662 shares of the company's stock after selling 130,631 shares during the period. Van ECK Associates Corp owned 0.38% of Galaxy Digital worth $47,728,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. acquired a new stake in shares of Galaxy Digital in the second quarter worth $1,948,000. Bank of Montreal Can acquired a new position in Galaxy Digital during the second quarter valued at $3,918,000. United Asset Strategies Inc. purchased a new stake in Galaxy Digital in the 2nd quarter worth about $230,000. Rovida Investment Management Ltd acquired a new stake in Galaxy Digital during the 2nd quarter worth about $33,612,000. Finally, PNC Financial Services Group Inc. acquired a new stake in Galaxy Digital during the 2nd quarter worth about $53,000.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the business's stock in a transaction dated Wednesday, February 4th. The shares were acquired at an average price of $20.80 per share, for a total transaction of $520,000.00. Following the acquisition, the director owned 59,000 shares of the company's stock, valued at $1,227,200. This trade represents a 73.53% 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.

Galaxy Digital Stock Down 1.7%

Shares of Galaxy Digital stock opened at $21.46 on Thursday. The firm has a market cap of $8.38 billion and a price-to-earnings ratio of 178.83. The stock has a 50-day simple moving average of $24.76 and a 200-day simple moving average of $28.26. Galaxy Digital Inc. has a 52-week low of $8.20 and a 52-week high of $45.92. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, topping analysts' consensus estimates of ($1.24) by $0.16. The firm had revenue of $10.37 billion during the quarter, compared to analyst estimates of $13.08 billion.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GLXY. Citigroup started coverage on Galaxy Digital in a report on Wednesday, February 25th. They issued a "neutral" rating and a $25.00 target price on the stock. Morgan Stanley lowered their price objective on shares of Galaxy Digital from $43.00 to $36.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 4th. Cantor Fitzgerald dropped their price objective on shares of Galaxy Digital from $53.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, February 2nd. Canaccord Genuity Group reiterated a "buy" rating and issued a $50.00 target price on shares of Galaxy Digital in a research report on Friday, January 30th. Finally, Weiss Ratings cut shares of Galaxy Digital from a "hold (c)" rating to a "sell (d+)" rating in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $42.54.

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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