Galaxy Digital (NASDAQ:GLXY) Sees Large Volume Increase on Analyst Upgrade

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) shares saw unusually-strong trading volume on Tuesday after Rosenblatt Securities raised their price target on the stock from $25.00 to $36.00. Rosenblatt Securities currently has a buy rating on the stock. Approximately 5,189,008 shares traded hands during trading, an increase of 115% from the previous session's volume of 2,413,957 shares.The stock last traded at $28.09 and had previously closed at $27.45.

GLXY has been the subject of several other reports. Atb Cap Markets upgraded Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Piper Sandler upped their price objective on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday. Canaccord Genuity Group reiterated a "buy" rating and issued a $33.00 target price on shares of Galaxy Digital in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a report on Friday, July 18th. Finally, HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $35.00.

Insider Transactions at Galaxy Digital

In other news, insider Christopher C. Ferraro sold 1,250,000 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $4,039,358.90. Following the completion of the sale, the general counsel owned 479,896 shares of the company's stock, valued at $8,686,117.60. The trade was a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,668,671 shares of company stock valued at $175,359,900.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds have recently made changes to their positions in the stock. CWM LLC acquired a new stake in Galaxy Digital during the 2nd quarter valued at approximately $26,000. Concurrent Investment Advisors LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter valued at $299,000. IFP Advisors Inc acquired a new stake in shares of Galaxy Digital during the second quarter worth $84,000. Vontobel Holding Ltd. acquired a new stake in shares of Galaxy Digital during the second quarter worth $766,000. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Galaxy Digital during the second quarter worth $280,000.

Galaxy Digital Trading Down 3.7%

The firm has a 50-day simple moving average of $21.48.

About Galaxy Digital

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.