Galaxy Digital (NASDAQ:GLXY) Trading Up 6.6% - Still a Buy?

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price shot up 6.6% during trading on Friday . The stock traded as high as $21.82 and last traded at $21.76. 1,511,192 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 1,882,156 shares. The stock had previously closed at $20.41.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Rosenblatt Securities assumed coverage on Galaxy Digital in a research note on Tuesday, June 24th. They issued a "buy" rating and a $25.00 price objective on the stock. HC Wainwright upgraded Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Canaccord Genuity Group reissued a "buy" rating and set a $33.00 price objective on shares of Galaxy Digital in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Galaxy Digital to a "sell" rating in a report on Saturday, May 24th. Finally, Atb Cap Markets upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $29.00.

Galaxy Digital Price Performance

Insiders Place Their Bets

In related news, insider Christopher C. Ferraro sold 1,250,000 shares of the company's stock in a transaction that occurred on Thursday, May 29th. The stock was 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 $26,026,370.10. This represents a 46.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Andrew N. Siegel sold 223,169 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were 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 in the company, valued at $8,686,117.60. This represents a 31.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,668,671 shares of company stock worth $175,359,900 in the last three months.

Institutional Investors Weigh In On Galaxy Digital

A hedge fund recently bought a new stake in Galaxy Digital stock. Harbour Capital Advisors LLC acquired a new stake in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,705 shares of the company's stock, valued at approximately $349,000.

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.