Galaxy Digital (NASDAQ:GLXY) Stock Price Up 17.1% - Should You Buy?

Key Points

• Galaxy Digital shares jumped 17.1% to approximately $21.39, although trading volume was 29% below the average session volume.
• Analysts remain broadly positive, with 11 Buy ratings, two Holds and two Sells, producing a “Moderate Buy” consensus and an average price target of $39.62.
• The company beat quarterly EPS expectations, reporting a loss of $0.49 versus the estimated $0.59 loss, but remains unprofitable with negative net margin and return on equity; a director also sold 250,000 shares.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price shot up 17.1% on Thursday . The company traded as high as $21.37 and last traded at $21.3910. 4,550,731 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 6,419,266 shares. The stock had previously closed at $18.26.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citizens Jmp restated a "market outperform" rating and set a $55.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Morgan Stanley reaffirmed an "overweight" rating and issued a $37.00 target price on shares of Galaxy Digital in a report on Wednesday, April 29th. Rosenblatt Securities reiterated a "buy" rating and set a $39.00 price target on shares of Galaxy Digital in a research note on Thursday, April 23rd. Canaccord Genuity Group reissued a "buy" rating and set a $50.00 price target on shares of Galaxy Digital in a report on Friday, April 24th. Finally, Wall Street Zen upgraded shares of Galaxy Digital from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 2nd. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $39.62.

Galaxy Digital Trading Up 18.1%

The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $27.63 and a 200 day simple moving average of $25.54. The company has a market cap of $8.41 billion, a price-to-earnings ratio of -44.89 and a beta of 4.84.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.10. The business had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same period last year, the company earned ($0.86) earnings per share. On average, equities analysts anticipate that Galaxy Digital Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the sale, the director owned 1,505,419 shares of the company's stock, valued at approximately $43,310,904.63. The trade was a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 51.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. JPMorgan Chase & Co. purchased a new position in Galaxy Digital in the 2nd quarter valued at approximately $80,000. Invesco Ltd. purchased a new stake in Galaxy Digital during the second quarter worth $53,233,000. EverSource Wealth Advisors LLC acquired a new stake in Galaxy Digital in the second quarter valued at $116,000. First Trust Advisors LP acquired a new stake in Galaxy Digital in the second quarter valued at $13,376,000. Finally, Cerity Partners LLC purchased a new position in shares of Galaxy Digital in the second quarter valued at $219,000.

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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