Galaxy Digital (NASDAQ:GLXY) Sets New 52-Week High - Time to Buy?

Key Points

• Galaxy Digital reached a new 52-week high of $34.60, with an increase in stock price of 2.5%.
• Several analysts have upgraded their ratings on Galaxy Digital, with a consensus price target of $35.63 and a majority rating it as a buy.
• Insider transactions show significant stock sales, including COO Erin Elizabeth Brown selling 350,000 shares, indicating potential reductions in insider confidence.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $34.60 and last traded at $34.60, with a volume of 143899 shares trading hands. The stock had previously closed at $33.69.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GLXY shares. Benchmark lifted their price objective on Galaxy Digital from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler raised their target price on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Maxim Group started coverage on Galaxy Digital in a research report on Thursday, July 31st. They set a "buy" rating and a $40.00 target price on the stock. Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Rosenblatt Securities dropped their target price on Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Galaxy Digital presently has a consensus rating of "Buy" and a consensus price target of $35.63.

Galaxy Digital Stock Up 2.5%

The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average of $27.28.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to analysts' expectations of $13.11 billion.

Insider Transactions at Galaxy Digital

In other news, Director Richard Tavoso sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were 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 owned 400,000 shares in the company, valued at $11,312,000. This trade represents a 11.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Erin Elizabeth Brown sold 350,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the sale, the chief operating officer owned 198,088 shares of the company's stock, valued at $5,344,414.24. This represents a 63.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 433,333 shares of company stock worth $11,851,323 in the last 90 days.

Institutional Trading of Galaxy Digital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC acquired a new stake in shares of Galaxy Digital during the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC acquired a new stake in shares of Galaxy Digital during the 2nd quarter worth approximately $32,000. Centerpoint Advisors LLC acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $33,000. DHJJ Financial Advisors Ltd. acquired a new stake in Galaxy Digital in the 2nd quarter valued at approximately $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Galaxy Digital during the second quarter worth $37,000.

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.

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