Galaxy Digital (NASDAQ:GLXY) Trading Up 9.1% - What's Next?

Key Points

• Galaxy Digital shares jumped 9.1% to about $24.92, although trading volume was 41% below the stock’s average daily volume.
• Analyst sentiment remains cautiously positive: 10 analysts rate the stock Buy, two Hold and two Sell, resulting in a “Moderate Buy” consensus and an average price target of $38.67.
• The company beat quarterly earnings expectations, reporting a loss of $0.09 per share versus the projected $0.36 loss. Two directors also purchased shares recently, while insiders collectively own 51.53% of the stock.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) shares rose 9.1% during trading on Tuesday . The company traded as high as $24.80 and last traded at $24.9180. 3,824,152 shares were traded during trading, a decline of 41% from the average daily volume of 6,486,895 shares. The stock had previously closed at $22.84.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Galaxy Digital in a research note on Friday. Wall Street Zen upgraded Galaxy Digital from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 2nd. Chardan Capital reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Galaxy Digital in a report on Wednesday, August 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $55.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Galaxy Digital presently has a consensus rating of "Moderate Buy" and an average price target of $38.67.

Galaxy Digital Price Performance

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04. The business's 50 day simple moving average is $24.45 and its two-hundred day simple moving average is $24.45. The stock has a market capitalization of $9.74 billion, a P/E ratio of -38.30 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The business had revenue of $8.71 billion for the quarter. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, sell-side analysts forecast that Galaxy Digital Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Douglas R. Deason purchased 12,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost 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 approximately $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven John Bandrowczak bought 5,100 shares of the company's stock in a transaction on Monday, August 10th. The shares were bought at an average price of $19.63 per share, with a total value of $100,113.00. Following the completion of the transaction, the director owned 39,186 shares of the company's stock, valued at $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 51.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Galaxy Digital during the second quarter valued at $30,000. Caitong International Asset Management Co. Ltd raised its stake in Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company's stock valued at $32,000 after buying an additional 928 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company's stock valued at $34,000 after acquiring an additional 1,000 shares during the period. Danske Bank A S purchased a new position in shares of Galaxy Digital in the fourth quarter worth approximately $36,000. Finally, Hollencrest Capital Management grew its position in shares of Galaxy Digital by 204.0% during the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company's stock valued at $48,000 after acquiring an additional 1,734 shares during the period.

About Galaxy Digital

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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