Richard Tavoso Sells 50,000 Shares of Galaxy Digital Inc. (NASDAQ:GLXY) Stock

Key Points

• Director Richard Tavoso sold 50,000 shares of Galaxy Digital Inc. at an average price of $28.28, totaling about $1.414 million, reducing his ownership by 11.11%.
• Galaxy Digital reported $0.08 earnings per share for the quarter, exceeding analyst expectations, despite revenue falling short at $8.66 billion compared to $13.11 billion estimated.
• Multiple analysts have given Galaxy Digital a consensus rating of "Moderate Buy" with an average price target of $35.63, indicating positive sentiment towards the stock's future performance.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) Director Richard Tavoso sold 50,000 shares of Galaxy Digital stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $28.28, for a total transaction of $1,414,000.00. Following the completion of the sale, the director owned 400,000 shares in the company, valued at approximately $11,312,000. This trade represents a 11.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock traded down $0.47 during trading on Tuesday, hitting $28.01. The stock had a trading volume of 3,794,968 shares, compared to its average volume of 3,214,883. The stock's 50 day simple moving average is $23.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.34 and a quick ratio of 1.34. Galaxy Digital Inc. has a 1 year low of $8.20 and a 1 year high of $33.17.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14. The business had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the business. MAI Capital Management bought a new stake in shares of Galaxy Digital in the 2nd quarter worth about $88,000. JPMorgan Chase & Co. acquired a new position in Galaxy Digital during the 2nd quarter worth about $80,000. Catalyst Funds Management Pty Ltd acquired a new position in Galaxy Digital during the 2nd quarter worth about $480,000. Rovida Advisors Inc. acquired a new position in Galaxy Digital during the 2nd quarter worth about $33,612,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Galaxy Digital during the 2nd quarter valued at about $37,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLXY. Rosenblatt Securities reduced their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Maxim Group initiated coverage on shares of Galaxy Digital in a research note on Thursday, July 31st. They set a "buy" rating and a $40.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Galaxy Digital in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 target price for the company. Atb Cap Markets upgraded shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler raised their price target 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.63.

Galaxy Digital Company Profile

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.