Galaxy Digital (NASDAQ:GLXY) Shares Gap Up - Here's What Happened

Key Points

• Galaxy Digital gapped up — shares opened at $30.15 after a $28.19 close and last traded at $29.24 on volume of 2,269,669 shares.
• Wall Street shows a consensus Buy rating with an average price target of $46, though analysts diverged (e.g., BTIG raised its target to $50 while Goldman cut its target to $26).
• Earnings beat: Galaxy reported $1.12 EPS vs. $0.38 expected and $28.40B revenue vs. $19.85B expected, and a director bought 10,000 shares at about $29.59.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $28.19, but opened at $30.15. Galaxy Digital shares last traded at $29.24, with a volume of 2,269,669 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GLXY. Citizens Jmp initiated coverage on shares of Galaxy Digital in a research note on Tuesday, December 9th. They set a "market outperform" rating and a $60.00 price target for the company. BTIG Research boosted their price target on shares of Galaxy Digital from $35.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, October 21st. Weiss Ratings restated a "hold (c)" rating on shares of Galaxy Digital in a report on Monday, December 29th. The Goldman Sachs Group decreased their price target on Galaxy Digital from $30.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, December 5th. Finally, Citigroup started coverage on Galaxy Digital in a research note on Tuesday, December 9th. They set an "outperform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $46.00.

Galaxy Digital Trading Up 10.6%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a 50-day moving average of $25.97 and a two-hundred day moving average of $28.55. The company has a market cap of $12.18 billion and a P/E ratio of 25.98.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.74. The company had revenue of $28.40 billion for the quarter, compared to analysts' expectations of $19.85 billion. During the same quarter last year, the firm posted ($0.16) earnings per share.

Insider Activity

In other news, Director Douglas R. Deason bought 10,000 shares of the stock in a transaction dated Friday, November 7th. The stock was purchased at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the transaction, the director owned 10,000 shares of the company's stock, valued at $295,900. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC boosted its stake in Galaxy Digital by 20.8% during the third quarter. CWM LLC now owns 1,419 shares of the company's stock worth $48,000 after buying an additional 244 shares during the period. Victory Capital Management Inc. increased its stake in Galaxy Digital by 2.1% during the 3rd quarter. Victory Capital Management Inc. now owns 19,596 shares of the company's stock valued at $663,000 after purchasing an additional 411 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in shares of Galaxy Digital by 6.8% in the 3rd quarter. Belpointe Asset Management LLC now owns 13,641 shares of the company's stock valued at $461,000 after acquiring an additional 867 shares during the last quarter. Raymond James Financial Inc. boosted its stake in shares of Galaxy Digital by 6.7% during the 3rd quarter. Raymond James Financial Inc. now owns 13,768 shares of the company's stock worth $465,000 after acquiring an additional 868 shares in the last quarter. Finally, ORG Partners LLC increased its stake in Galaxy Digital by 1,110.0% during the 3rd quarter. ORG Partners LLC now owns 968 shares of the company's stock worth $36,000 after buying an additional 888 shares in the last quarter.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.

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