Galaxy Digital (NASDAQ:GLXY) Stock Price Up 5.3% - Should You Buy?

Key Points

• Galaxy Digital's stock price increased by 5.3%, with shares trading at $25.43 after a previous close of $24.16 and a volume decline of 30% from the average.
• Several analysts upgraded their ratings on Galaxy Digital, with a consensus average target price of $35.63 and a majority rating the stock as a "buy."
• Insider trading activity saw significant selling, with COO Erin Brown and Director Richard Tavoso selling a combined total of 400,000 shares valued over $10 million.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) shares shot up 5.3% on Wednesday . The company traded as high as $25.55 and last traded at $25.43. 2,535,565 shares changed hands during trading, a decline of 30% from the average session volume of 3,608,078 shares. The stock had previously closed at $24.16.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLXY shares. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Piper Sandler boosted their price objective on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Canaccord Genuity Group upped their price objective on Galaxy Digital from $33.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Maxim Group initiated coverage on Galaxy Digital in a research report on Thursday, July 31st. They set a "buy" rating and a $40.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on Galaxy Digital in a report on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $35.63.

Galaxy Digital Price Performance

The firm has a 50 day simple moving average of $25.06. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28.

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

Insider Activity at Galaxy Digital

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 350,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total value of $9,443,000.00. Following the completion of the sale, the chief operating officer owned 198,088 shares of the company's stock, valued at $5,344,414.24. This trade represents a 63.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Tavoso sold 50,000 shares of Galaxy Digital 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 sale, the director owned 400,000 shares of the company's stock, valued at approximately $11,312,000. This trade represents a 11.11% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,780,967 shares of company stock valued at $90,152,503.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently modified their holdings of GLXY. CWM LLC acquired a new stake in Galaxy Digital during the 2nd quarter worth about $26,000. Manchester Capital Management LLC acquired a new stake in Galaxy Digital during the second quarter worth $32,000. Centerpoint Advisors LLC acquired a new position in Galaxy Digital during the second quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new stake in Galaxy Digital during the 2nd quarter worth approximately $34,000. Finally, TD Waterhouse Canada Inc. acquired a new position in shares of Galaxy Digital during the second quarter worth approximately $37,000.

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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