Galaxy Digital (NASDAQ:GLXY) CEO Sells $108,000,000.00 in Stock

Key Points

• Galaxy Digital CEO Michael Novogratz sold 3,000,000 shares of the company's stock, totaling $108 million at an average price of $36.00 per share.
• As of now, Galaxy Digital's stock is down 0.2%, trading at $41.14 with a 1-year high of $44.33 and a low of $8.20.
• Recent analyst reports have generally rated Galaxy Digital as a "Buy," with price targets being adjusted to between $35.00 and $42.00.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) CEO Michael Novogratz sold 3,000,000 shares of the business's stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $108,000,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Galaxy Digital Stock Down 0.2%

Shares of Galaxy Digital stock traded down $0.09 on Tuesday, reaching $41.14. 7,673,395 shares of the company were exchanged, compared to its average volume of 4,361,135. Galaxy Digital Inc. has a 1-year low of $8.20 and a 1-year high of $44.33. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average price of $29.91.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14. The firm had revenue of $8.66 billion for the quarter, compared to the consensus estimate of $13.11 billion.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Benchmark increased their price objective on Galaxy Digital from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Wall Street Zen raised Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Piper Sandler lifted their target price on Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. BTIG Research reaffirmed a "buy" rating and set a $35.00 price objective on shares of Galaxy Digital in a report on Tuesday, August 5th. Finally, Rosenblatt Securities cut their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Galaxy Digital presently has a consensus rating of "Buy" and an average price target of $37.50.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently bought and sold shares of GLXY. Balyasny Asset Management L.P. bought a new stake in Galaxy Digital in the 2nd quarter worth about $113,435,000. Invesco Ltd. purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at $53,233,000. Tidal Investments LLC purchased a new stake in shares of Galaxy Digital during the 2nd quarter valued at $48,452,000. Geode Capital Management LLC purchased a new position in Galaxy Digital in the 2nd quarter worth $43,525,000. Finally, Marshall Wace LLP bought a new stake in Galaxy Digital in the 2nd quarter worth $35,568,000.

Galaxy Digital Company 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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