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

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $26.04, but opened at $27.71. Galaxy Digital shares last traded at $27.95, with a volume of 2,833,815 shares traded.

Wall Street Analyst Weigh In

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

Galaxy Digital Stock Performance

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

Insider Activity

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 353,956 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were 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 $3,585,392.80. This represents a 64.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction 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 approximately $8,686,117.60. The trade was a 31.74% decrease in their position. 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.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GLXY. Accurate Wealth Management LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth about $440,000. Harbour Capital Advisors LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth about $349,000. AdvisorNet Financial Inc bought a new position in shares of Galaxy Digital during the 2nd quarter worth about $125,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Galaxy Digital during the 2nd quarter worth about $79,000. Finally, SJS Investment Consulting Inc. bought a new position in shares of Galaxy Digital during the 2nd quarter worth about $77,000.

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.