Galaxy Digital (NASDAQ:GLXY) Trading Up 8.9% - Here's Why

Key Points

• Galaxy Digital's stock surged 8.9% in one day, trading as high as $29.50, significantly increasing the trading volume by 165% compared to its average.
• Multiple analysts have upgraded their ratings on Galaxy Digital, with current consensus showing a "Buy" rating and an average price target of $35.00 per share.
• Insider activities included significant stock sales by the COO and General Counsel, resulting in a total insider sale of over $175 million in the past 90 days.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) traded up 8.9% during trading on Wednesday . The stock traded as high as $29.50 and last traded at $29.15. 7,426,262 shares were traded during mid-day trading, an increase of 165% from the average session volume of 2,805,549 shares. The stock had previously closed at $26.76.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Canaccord Genuity Group restated a "buy" rating and issued a $33.00 target price on shares of Galaxy Digital in a research note on Thursday, July 3rd. The Goldman Sachs Group assumed coverage on Galaxy Digital in a research note on Thursday. They issued a "neutral" rating and a $30.00 target price on the stock. Rosenblatt Securities boosted their target price on Galaxy Digital from $25.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Piper Sandler boosted their target price on Galaxy Digital from $34.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Finally, Maxim Group assumed coverage on Galaxy Digital in a research note on Thursday. They issued a "buy" rating and a $40.00 target price on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.00.

Galaxy Digital Stock Down 5.4%

The company has a 50-day moving average of $22.22.

Insider Buying and Selling

In other Galaxy Digital news, CEO Michael Novogratz sold 4,380,967 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $18.10, for a total transaction of $79,295,502.70. Following the transaction, the chief executive officer owned 348,921 shares of the company's stock, valued at $6,315,470.10. The trade was a 92.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Erin Elizabeth Brown sold 353,956 shares of the business'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 $6,406,603.60. Following the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at $3,585,392.80. This trade represents a 64.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,668,671 shares of company stock worth $175,359,900 over the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GLXY. Harbour Capital Advisors LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $349,000. AdvisorNet Financial Inc acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $125,000. SJS Investment Consulting Inc. acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $77,000. Accurate Wealth Management LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $440,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $79,000.

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.