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 stock price hit a new 52-week high during mid-day trading on Wednesday . The company 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.

Analysts Set New Price Targets

GLXY has been the topic of a number of analyst reports. 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. Canaccord Genuity Group increased their target price on shares of Galaxy Digital from $33.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Benchmark increased their target price on shares of Galaxy Digital from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Jefferies Financial Group began coverage on shares of Galaxy Digital in a research report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price target on the stock. Finally, The Goldman Sachs Group began coverage on shares of Galaxy Digital in a research report on Thursday, July 31st. They set a "neutral" rating and a $30.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Galaxy Digital has a consensus rating of "Buy" and a consensus price target of $35.63.

Galaxy Digital Trading Down 1.5%

The company's fifty day moving average price is $26.79. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $8.66 billion for the quarter, compared to analyst estimates of $13.11 billion.

Insider Activity

In related news, COO Erin Elizabeth Brown sold 350,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the transaction, the chief operating officer directly owned 198,088 shares of the company's stock, valued at $5,344,414.24. This trade represents a 63.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Medina Rhonda Adams sold 33,333 shares of the firm's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the transaction, the director directly owned 112,053 shares in the company, valued at $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 worth $11,851,323 over the last three months.

Institutional Trading of Galaxy Digital

Several hedge funds have recently added to or reduced their stakes in the stock. SevenBridge Financial Group LLC bought a new stake in Galaxy Digital in the second quarter worth about $296,000. Osaic Holdings Inc. bought a new stake in Galaxy Digital in the second quarter worth about $632,000. Orion Porfolio Solutions LLC bought a new stake in Galaxy Digital in the second quarter worth about $217,000. Marex Group plc bought a new stake in Galaxy Digital in the second quarter worth about $712,000. Finally, Advisory Services Network LLC bought a new stake in Galaxy Digital in the second quarter worth about $1,203,000.

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.