Galaxy Digital (NASDAQ:GLXY) Stock Price 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)'s share price traded up 8.9% on Wednesday . The stock traded as high as $29.50 and last traded at $29.15. 7,426,262 shares changed hands 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.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Galaxy Digital in a research note on Thursday. They issued a "neutral" rating and a $30.00 price target for the company. Maxim Group initiated coverage on shares of Galaxy Digital in a research report on Thursday. They set a "buy" rating and a $40.00 price objective for the company. Atb Cap Markets raised shares of Galaxy Digital to a "strong-buy" rating in a research report on Tuesday, May 20th. Piper Sandler increased their price objective on shares of Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $33.00 price objective on shares of Galaxy Digital in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.00.

Galaxy Digital Stock Performance

The firm's fifty day simple moving average is $22.22.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of Galaxy Digital stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $22,625,000.00. Following the transaction, the insider directly owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. The trade was a 46.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Andrew N. Siegel sold 223,169 shares of Galaxy Digital stock in a transaction 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 approximately $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 valued at $175,359,900 over the last quarter.

Institutional Trading of Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sullivan Wood Capital Management LLC purchased a new stake in shares of Galaxy Digital in the second quarter valued at about $26,699,000. Milestone Asset Management Group LLC purchased a new stake in shares of Galaxy Digital in the second quarter valued at about $5,972,000. Envestnet Asset Management Inc. purchased a new stake in shares of Galaxy Digital in the second quarter valued at about $1,948,000. CORDA Investment Management LLC. purchased a new stake in shares of Galaxy Digital in the second quarter valued at about $1,159,000. Finally, RFG Advisory LLC purchased a new stake in shares of Galaxy Digital in the second quarter valued at about $898,000.

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.