Galaxy Digital (NASDAQ:GLXY) Trading Up 6% - Should You Buy?

Key Points

• Galaxy Digital shares rose 6% to about $25.57, although trading volume was roughly 90% below the average session volume.
• Analyst sentiment is mixed but leans bullish: the stock has a “Moderate Buy” consensus rating from 14 analysts, with an average price target of $39.58; targets range from $26 to $45.
• The company beat quarterly EPS expectations, reporting a loss of $0.09 per share versus the projected $0.36 loss, but remains unprofitable with negative margins and analysts expecting a full-year loss.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price was up 6% during trading on Friday . The stock traded as high as $25.03 and last traded at $25.5740. Approximately 629,685 shares traded hands during trading, a decline of 90% from the average session volume of 6,387,820 shares. The stock had previously closed at $24.13.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GLXY. Zacks Research lowered Galaxy Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. BTIG Research dropped their target price on shares of Galaxy Digital from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Piper Sandler lowered their price objective on Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating for the company in a research report on Friday, July 17th. Citigroup decreased their target price on Galaxy Digital from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Wednesday, August 19th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Galaxy Digital in a research report on Friday, August 21st. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $39.58.

Galaxy Digital Price Performance

The company's 50 day simple moving average is $23.13 and its 200 day simple moving average is $24.85. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $9.78 billion, a PE ratio of -38.60 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.36) by $0.27. The company had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same period in the prior year, the company earned $0.08 EPS. On average, equities analysts anticipate that Galaxy Digital Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling

In other Galaxy Digital news, insider Matthew Friedrich sold 4,993 shares of the firm's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the sale, the insider directly owned 275,782 shares of the company's stock, valued at approximately $7,454,387.46. This trade represents a 1.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason purchased 12,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was acquired at an average price of $21.54 per share, with a total value of $258,480.00. Following the acquisition, the director directly owned 71,000 shares in the company, valued at $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors purchased a new stake in Galaxy Digital during the fourth quarter valued at about $406,102,000. California State Teachers Retirement System raised its holdings in shares of Galaxy Digital by 2,735.0% in the 2nd quarter. California State Teachers Retirement System now owns 6,074,538 shares of the company's stock worth $166,078,000 after purchasing an additional 5,860,265 shares during the period. Invesco Ltd. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at about $53,233,000. Tidal Investments LLC acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at about $48,452,000. Finally, Norges Bank purchased a new stake in shares of Galaxy Digital during the 4th quarter worth about $32,045,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy's business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.

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