Galaxy Digital (NASDAQ:GLXY) Reaches New 12-Month High - Here's What Happened

Key Points

• Galaxy Digital shares reached a new 52-week high of $33.65, up from a previous close of $31.83, indicating a strong increase in trading activity with a volume of 3,777,381 shares.
• Several analysts have issued varying ratings and price targets for Galaxy Digital, with a consensus rating of “Buy” and an average price target of $35.63.
• Insider sales were significant, including the COO selling 350,000 shares, reflecting a 63.86% decrease in their ownership stake, raising concerns over potential confidence in the company's outlook.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.65 and last traded at $33.47, with a volume of 3777381 shares traded. The stock had previously closed at $31.83.

Analyst Ratings Changes

A number of research firms have recently issued reports on GLXY. Rosenblatt Securities cut their price objective on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Maxim Group started coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price objective on the stock. Piper Sandler increased their price objective on shares of Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, BTIG Research restated a "buy" rating and set a $35.00 target price on shares of Galaxy Digital in a research report on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $35.63.

Galaxy Digital Price Performance

The firm's 50-day moving average is $27.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.34 and a current ratio of 1.34.

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

Insider Activity at Galaxy Digital

In other news, Director Richard Tavoso sold 50,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the sale, the director directly owned 400,000 shares of the company's stock, valued at approximately $11,312,000. This represents a 11.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Medina Rhonda Adams sold 33,333 shares of Galaxy Digital stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the sale, the director owned 112,053 shares of the company's stock, valued at approximately $3,342,540.99. The trade was a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 433,333 shares of company stock valued at $11,851,323 over the last ninety days.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors have recently bought and sold shares of the stock. Harbour Capital Advisors LLC bought a new position in Galaxy Digital during the 2nd quarter valued at approximately $349,000. AdvisorNet Financial Inc bought a new stake in Galaxy Digital during the second quarter valued at about $125,000. SJS Investment Consulting Inc. bought a new stake in shares of Galaxy Digital in the second quarter worth about $77,000. Accurate Wealth Management LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Galaxy Digital during the second quarter worth $79,000.

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.