Galaxy Digital (NASDAQ:GLXY) Shares Gap Up - Still a Buy?

Key Points

• Galaxy Digital's share price gapped up from $30.90 to $32.33 before trading, and it last traded at $33.17 with a volume of over 1.5 million shares.
• Analyst ratings show a consensus of "Buy" with a target price averaging around $35.63, with multiple firms increasing their price targets recently.
• Insider trading activity included significant share sales by directors, indicating a 11.11% and 22.93% decrease in their respective ownership stakes.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $30.90, but opened at $32.33. Galaxy Digital shares last traded at $33.17, with a volume of 1,574,227 shares changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on GLXY shares. Canaccord Genuity Group increased their price target on shares of Galaxy Digital from $33.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Rosenblatt Securities reduced their price target on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Wall Street Zen upgraded Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Maxim Group assumed coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "buy" rating and a $40.00 price objective for the company. Finally, The Goldman Sachs Group assumed coverage on Galaxy Digital in a research report on Thursday, July 31st. They issued a "neutral" rating and a $30.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $35.63.

Galaxy Digital Stock Up 10.5%

The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average of $27.92.

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

Insiders Place Their Bets

In other Galaxy Digital news, Director Richard Tavoso sold 50,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the completion of the transaction, the director directly owned 400,000 shares in the company, valued at $11,312,000. This represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Medina Rhonda Adams sold 33,333 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $29.83, for a total value of $994,323.39. Following the transaction, the director owned 112,053 shares of the company's stock, valued at $3,342,540.99. This represents a 22.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 433,333 shares of company stock worth $11,851,323 over the last three months.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Accurate Wealth Management LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $440,000. Harbour Capital Advisors LLC acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $349,000. SJS Investment Consulting Inc. acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $77,000. AdvisorNet Financial Inc acquired a new stake in shares of Galaxy Digital in the 2nd quarter valued at $125,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Galaxy Digital in the second quarter valued at about $79,000.

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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