Galaxy Digital (NASDAQ:GLXY) Shares Up 8.9% Following Insider Buying Activity

Key Points

• Galaxy Digital shares rose 8.9% to about $15.37 after insider buying; CEO Michael Novogratz purchased 760,000 shares for $9.86 million, while director Douglas Deason bought 5,000 shares for $69,900.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $33.96, although several firms recently lowered their targets.
• The company reported quarterly EPS of $0.83, beating the $0.29 analyst consensus, on revenue of $8.69 billion.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) shot up 8.9% during mid-day trading on Wednesday after an insider bought additional shares in the company. The company traded as high as $15.37 and last traded at $15.3670. 1,345,923 shares traded hands during trading, a decline of 79% from the average session volume of 6,554,235 shares. The stock had previously closed at $14.11.

Specifically, Director Douglas Deason purchased 5,000 shares of the business's stock in a transaction on Friday, November 6th. The shares were bought at an average cost of $13.98 per share, with a total value of $69,900.00. Following the transaction, the director owned 76,000 shares of the company's stock, valued at approximately $1,062,480. This trade represents a 7.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Novogratz bought 760,000 shares of the stock in a transaction dated Thursday, November 5th. The stock was bought at an average price of $12.98 per share, for a total transaction of $9,864,800.00. Following the purchase, the chief executive officer directly owned 760,000 shares of the company's stock, valued at approximately $9,864,800. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Analyst Ratings Changes

Several analysts recently commented on the company. Rosenblatt Securities dropped their target price on Galaxy Digital from $35.00 to $30.00 and set a "buy" rating on the stock in a report on Monday, October 26th. HC Wainwright decreased their price target on Galaxy Digital from $40.00 to $36.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Canaccord Genuity Group reissued a "buy" rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Wednesday, October 28th. Piper Sandler dropped their price objective on shares of Galaxy Digital from $33.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 20th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Tuesday, October 27th. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.96.

Galaxy Digital Trading Up 9.3%

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The firm has a market capitalization of $6.03 billion, a PE ratio of -15.36 and a beta of 5.38. The company's fifty day simple moving average is $20.48 and its 200-day simple moving average is $23.64.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The business had revenue of $8.69 billion during the quarter. As a group, sell-side analysts expect that Galaxy Digital Inc. will post -0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Galaxy Digital

Several large investors have recently bought and sold shares of GLXY. State Street Corp raised its holdings in shares of Galaxy Digital by 99.7% during the second quarter. State Street Corp now owns 3,833,993 shares of the company's stock valued at $104,821,000 after acquiring an additional 1,913,688 shares during the last quarter. Moore Capital Management LP boosted its stake in shares of Galaxy Digital by 52.9% in the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock worth $56,929,000 after acquiring an additional 720,000 shares during the last quarter. Sullivan Wood Capital Management LLC increased its position in shares of Galaxy Digital by 4.0% during the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company's stock worth $33,213,000 after purchasing an additional 55,804 shares in the last quarter. Bank of America Corp DE increased its position in shares of Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock worth $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, Anson Funds Management LP purchased a new stake in shares of Galaxy Digital during the first quarter worth approximately $11,070,000.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy's founder and chief executive officer.

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