Galaxy Digital (NASDAQ:GLXY) Trading Up 6.8% - What's Next?

Key Points

• Galaxy Digital shares rose 6.8% on Monday, trading as high as $22.99 before settling around $23.10. Volume was far below normal, with just 585,500 shares traded versus an average of more than 6.4 million.
• Wall Street sentiment remains mostly constructive: the stock has 12 Buy ratings, 2 Holds, and 1 Sell, with a consensus rating of Moderate Buy and an average price target of $39.29. Recent analyst actions were mixed, including a Goldman Sachs price target cut to $21, while other firms reiterated bullish targets as high as $50.
• The company recently beat quarterly EPS expectations, reporting a loss of $0.49 per share versus estimates for a $0.59 loss. However, it still posted negative margins, and a director also sold 250,000 shares in a disclosed insider transaction.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price shot up 6.8% on Monday . The stock traded as high as $22.99 and last traded at $23.1010. 585,500 shares changed hands during trading, a decline of 91% from the average session volume of 6,426,285 shares. The stock had previously closed at $21.63.

Analysts Set New Price Targets

GLXY has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Galaxy Digital from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 2nd. The Goldman Sachs Group lowered their price objective on shares of Galaxy Digital from $24.00 to $21.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 8th. Canaccord Genuity Group reissued a "buy" rating and set a $50.00 target price on shares of Galaxy Digital in a research note on Friday, April 24th. Chardan Capital restated a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a report on Monday, May 4th. Finally, BTIG Research reiterated a "buy" rating and set a $50.00 price objective on shares of Galaxy Digital in a report on Thursday, May 21st. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $39.29.

Galaxy Digital Trading Up 10.0%

The company has a 50 day moving average of $28.75 and a 200 day moving average of $25.63. The firm has a market cap of $9.28 billion, a P/E ratio of -49.56 and a beta of 4.84. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. The firm had revenue of $10.21 billion for the quarter. During the same period in the previous year, the business posted ($0.86) EPS. Analysts predict that Galaxy Digital Inc. will post -0.32 EPS for the current fiscal year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director owned 1,505,419 shares in the company, valued at $43,310,904.63. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 51.53% of the stock is owned by insiders.

Institutional Trading of Galaxy Digital

Several large investors have recently modified their holdings of GLXY. Vanguard Group Inc. raised its holdings in Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company's stock worth $462,310,000 after acquiring an additional 4,463,782 shares during the period. Capital Research Global Investors acquired a new stake in shares of Galaxy Digital in the fourth quarter valued at about $406,102,000. Invesco Ltd. increased its stake in shares of Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company's stock worth $68,918,000 after purchasing an additional 731,215 shares during the period. Geode Capital Management LLC lifted its position in shares of Galaxy Digital by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company's stock worth $54,424,000 after purchasing an additional 279,818 shares during the last quarter. Finally, Tidal Investments LLC bought a new stake in Galaxy Digital during the 2nd quarter valued at approximately $48,452,000.

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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