Galaxy Digital (NASDAQ:GLXY) Shares Up 11.1% Following Analyst Upgrade

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) shares shot up 11.1% on Monday after Piper Sandler raised their price target on the stock from $34.00 to $36.00. Piper Sandler currently has an overweight rating on the stock. Galaxy Digital traded as high as $30.62 and last traded at $30.13. 3,511,904 shares traded hands during trading, an increase of 56% from the average session volume of 2,256,594 shares. The stock had previously closed at $27.13.

GLXY has been the topic of several other research reports. Canaccord Genuity Group restated a "buy" rating and issued a $33.00 price target on shares of Galaxy Digital in a research report on Thursday, July 3rd. HC Wainwright raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Atb Cap Markets raised shares of Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Rosenblatt Securities assumed coverage on shares of Galaxy Digital in a report on Tuesday, June 24th. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $31.33.

Insiders Place Their Bets

In related news, General Counsel Andrew N. Siegel sold 223,169 shares of the business's stock in a transaction dated 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the company's 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 $22,625,000.00. Following the completion of the transaction, the insider directly 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 position. The disclosure for this sale can be found here. Insiders sold 9,668,671 shares of company stock worth $175,359,900 over the last 90 days.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GLXY. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the second quarter worth about $34,000. SJS Investment Consulting Inc. bought a new stake in Galaxy Digital during the second quarter worth $77,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Galaxy Digital during the second quarter worth $79,000. AdvisorNet Financial Inc acquired a new stake in Galaxy Digital in the second quarter valued at $125,000. Finally, Harbour Capital Advisors LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth about $349,000.

Galaxy Digital Trading Up 0.3%

The company has a 50-day moving average price of $20.85.

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.