Galaxy Digital (NASDAQ:GLXY) Sees Strong Trading Volume - Still a Buy?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) saw unusually-strong trading volume on Wednesday . 4,788,417 shares traded 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 equities analysts have recently commented on GLXY shares. HC Wainwright upgraded Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Atb Cap Markets upgraded shares of Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Canaccord Genuity Group reissued a "buy" rating and set a $33.00 price target on shares of Galaxy Digital in a research note on Thursday, July 3rd. Rosenblatt Securities assumed coverage on shares of Galaxy Digital in a research note on Tuesday, June 24th. They issued a "buy" rating and a $25.00 price objective for the company. Finally, Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a report on Saturday, May 24th. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have issued a strong buy rating to the company's 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 Price Performance

The stock's fifty day moving average price is $20.41.

Insider Buying and Selling

In other Galaxy Digital news, CEO Michael Novogratz sold 4,380,967 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $18.10, for a total value of $79,295,502.70. Following the transaction, the chief executive officer owned 348,921 shares in the company, valued at approximately $6,315,470.10. The trade was a 92.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Erin Elizabeth Brown sold 353,956 shares of Galaxy Digital 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 owned 198,088 shares in the company, valued at approximately $3,585,392.80. This represents a 64.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,668,671 shares of company stock worth $175,359,900.

Hedge Funds Weigh In On Galaxy Digital

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

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.