Galaxy Digital (NASDAQ:GLXY) Sees Strong Trading Volume - Time to Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 4,788,417 shares changed hands during trading, an increase of 143% from the previous session's volume of 1,973,736 shares.The stock last traded at $22.63 and had previously closed at $20.86.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Rosenblatt Securities assumed coverage on shares of Galaxy Digital in a report on Tuesday, June 24th. They issued a "buy" rating and a $25.00 price objective for the company. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. Atb Cap Markets raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Galaxy Digital in a research note on Thursday, July 3rd. Finally, Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Galaxy Digital presently has an average rating of "Buy" and a consensus price target of $29.00.

Galaxy Digital Trading Up 4.2%

The stock's 50 day moving average is $20.70.

Insider Activity at Galaxy Digital

In related news, COO Erin Elizabeth Brown sold 353,956 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 $6,406,603.60. Following the completion of the sale, the chief operating officer directly owned 198,088 shares in the company, valued at approximately $3,585,392.80. The trade was a 64.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $4,039,358.90. Following the transaction, the general counsel owned 479,896 shares of the company's stock, valued at approximately $8,686,117.60. This represents a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,668,671 shares of company stock worth $175,359,900.

Hedge Funds Weigh In On Galaxy Digital

Several hedge funds have recently modified their holdings of GLXY. SJS Investment Consulting Inc. purchased a new position in shares of Galaxy Digital during the 2nd quarter valued at about $77,000. Strategic Investment Solutions Inc. IL bought a new stake in Galaxy Digital during the 2nd quarter valued at approximately $79,000. AdvisorNet Financial Inc purchased a new stake in shares of Galaxy Digital in the 2nd quarter worth about $125,000. Harbour Capital Advisors LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter worth about $349,000. Finally, Accurate Wealth Management LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter worth $440,000.

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.