Galaxy Digital (NASDAQ:GLXY) Shares Up 9.8% on Analyst Upgrade

Key Points

• Galaxy Digital's shares increased by 9.8% following an analyst upgrade from Rosenblatt Securities, raising the price target from $35.00 to $44.00.
• CEO Michael Novogratz sold 3 million shares of Galaxy Digital for approximately $108 million in a recent insider transaction.
• The stock currently has an average rating of "Buy" with various analysts giving positive endorsements and price target increases.

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) rose 9.8% during trading on Monday after Rosenblatt Securities raised their price target on the stock from $35.00 to $44.00. Rosenblatt Securities currently has a buy rating on the stock. Galaxy Digital traded as high as $41.71 and last traded at $41.49. Approximately 3,461,152 shares were traded during trading, a decline of 21% from the average daily volume of 4,397,239 shares. The stock had previously closed at $37.78.

A number of other brokerages have also recently commented on GLXY. The Goldman Sachs Group lifted their target price on shares of Galaxy Digital from $34.00 to $39.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Wall Street Zen upgraded shares of Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Piper Sandler lifted their target price on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 1st. Finally, Canaccord Genuity Group raised their price target on shares of Galaxy Digital from $33.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $38.63.

Insider Activity

In other news, CEO Michael Novogratz sold 3,000,000 shares of Galaxy Digital stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Medina Rhonda Adams sold 33,333 shares of Galaxy Digital stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total transaction of $994,323.39. Following the sale, the director directly owned 112,053 shares in the company, valued at $3,342,540.99. The trade was a 22.93% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,183,333 shares of company stock worth $146,851,323.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. CWM LLC raised its holdings in Galaxy Digital by 20.8% in 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 last quarter. Farther Finance Advisors LLC purchased a new position in Galaxy Digital in the third quarter worth about $122,000. Sound Income Strategies LLC purchased a new position in Galaxy Digital in the third quarter worth about $177,000. Voya Investment Management LLC purchased a new position in Galaxy Digital in the third quarter worth about $3,133,000. Finally, TCP Asset Management LLC purchased a new position in Galaxy Digital in the third quarter worth about $363,000.

Galaxy Digital Stock Up 8.9%

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 fifty day moving average price of $30.91.

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

Galaxy Digital Company Profile

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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