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

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.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 2,507,630 shares changed hands 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, topping the consensus estimate 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GLXY shares. Canaccord Genuity Group raised their price target on Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a report on Thursday. Wall Street Zen raised Galaxy Digital to a "sell" rating in a report on Friday, July 18th. Piper Sandler raised their price target on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Jefferies Financial Group started coverage on Galaxy Digital in a report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price target on the stock. Finally, Atb Cap Markets raised Galaxy Digital to a "strong-buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $35.63.

Insider Activity at Galaxy Digital

In other news, Director Richard Tavoso sold 50,000 shares of Galaxy Digital stock in a transaction dated 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 completion of the sale, the director directly owned 400,000 shares in the company, valued at $11,312,000. The trade was a 11.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the business'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 value of $22,625,000.00. Following the completion of the sale, the insider owned 1,437,921 shares of the company's stock, valued at approximately $26,026,370.10. This trade represents a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,068,671 shares of company stock worth $186,216,900.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC bought a new position in Galaxy Digital during the second quarter worth $26,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital during the second quarter worth $33,000. DHJJ Financial Advisors Ltd. acquired a new position in shares of Galaxy Digital in the second quarter valued at $34,000. PNC Financial Services Group Inc. acquired a new position in shares of Galaxy Digital in the second quarter valued at $53,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Galaxy Digital in the second quarter valued at $60,000.

Galaxy Digital Price Performance

The firm's 50 day simple moving average is $22.95.

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.