Galaxy Digital (NASDAQ:GLXY) Sees Strong Trading Volume After Earnings Beat

Key Points

• Galaxy Digital reported earnings of $0.08 per share, exceeding analysts' expectations of a loss of $0.06, which contributed to a significant trading volume with 2,507,630 shares traded.
• Multiple analysts have given positive ratings to Galaxy Digital, with price targets ranging from $33.00 to $40.00, reflecting a consensus average rating of "Moderate Buy."
• Insider transactions revealed notable stock sales, including CEO Michael Novogratz selling 4.38 million shares, which represents a 92.62% decrease in his ownership in the company.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 2,507,630 shares were traded during mid-day trading, a decline of 15% from the previous session's volume of 2,948,971 shares.The stock last traded at $27.71 and had previously closed at $28.89.

The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GLXY shares. Jefferies Financial Group started coverage on Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price target on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $33.00 price target on shares of Galaxy Digital in a report on Thursday, July 3rd. Piper Sandler boosted their price target on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Maxim Group started coverage on Galaxy Digital in a report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price target on the stock. Finally, HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.00.

Insider Transactions at Galaxy Digital

In other news, General Counsel Andrew N. Siegel sold 223,169 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction of $4,039,358.90. Following the sale, the general counsel directly owned 479,896 shares of the company's stock, valued at $8,686,117.60. This represents a 31.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Novogratz sold 4,380,967 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $18.10, for a total value of $79,295,502.70. Following the sale, the chief executive officer directly owned 348,921 shares in the company, valued at $6,315,470.10. This trade represents a 92.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,668,671 shares of company stock valued at $175,359,900 over the last 90 days.

Institutional Trading of Galaxy Digital

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sullivan Wood Capital Management LLC bought a new stake in Galaxy Digital in the second quarter worth $26,699,000. Milestone Asset Management Group LLC bought a new stake in Galaxy Digital in the second quarter worth $5,972,000. Envestnet Asset Management Inc. bought a new stake in Galaxy Digital in the second quarter worth $1,948,000. CORDA Investment Management LLC. bought a new stake in Galaxy Digital in the second quarter worth $1,159,000. Finally, RFG Advisory LLC bought a new stake in Galaxy Digital in the second quarter worth $898,000.

Galaxy Digital Price Performance

The stock has a 50-day simple moving average of $22.22.

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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