Harvest Portfolios Group Inc. Acquires New Shares in Galaxy Digital Inc. $GLXY

Harvest Portfolios Group Inc. acquired a new position in Galaxy Digital Inc. (NASDAQ:GLXY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 86,007 shares of the company’s stock, valued at approximately $1,883,000.

Several other hedge funds have also recently bought and sold shares of GLXY. CWM LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth about $26,000. Centerpoint Advisors LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter valued at about $33,000. DHJJ Financial Advisors Ltd. bought a new position in shares of Galaxy Digital in the 2nd quarter valued at approximately $34,000. FNY Investment Advisers LLC acquired a new stake in Galaxy Digital in the 2nd quarter worth approximately $60,000. Finally, SJS Investment Consulting Inc. bought a new stake in Galaxy Digital during the second quarter worth approximately $77,000.

Insider Activity

In related news, Director Medina Rhonda Adams sold 33,333 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $29.83, for a total value of $994,323.39. Following the completion of the sale, the director owned 112,053 shares in the company, valued at approximately $3,342,540.99. This trade represents a 22.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher C. Ferraro sold 750,000 shares of Galaxy Digital stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total value of $27,000,000.00. Following the sale, the insider directly owned 687,921 shares in the company, valued at approximately $24,765,156. This trade represents a 52.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 3,783,333 shares of company stock valued at $135,994,323.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GLXY shares. Piper Sandler lifted their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, October 1st. Rosenblatt Securities upped their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Morgan Stanley initiated coverage on shares of Galaxy Digital in a report on Thursday. They issued an “overweight” rating and a $42.00 target price on the stock. Jefferies Financial Group began coverage on shares of Galaxy Digital in a research report on Wednesday, July 23rd. They set a “buy” rating and a $35.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on shares of Galaxy Digital from $34.00 to $39.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $44.33.

Galaxy Digital Trading Up 3.9%

Shares of GLXY stock opened at $31.56 on Friday. The company has a market capitalization of $11.88 billion and a price-to-earnings ratio of 26.30. Galaxy Digital Inc. has a 1 year low of $8.20 and a 1 year high of $45.92. The business’s fifty day moving average is $34.01. 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 (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. The company had revenue of $8.66 billion during the quarter, compared to analyst estimates of $13.11 billion.

Galaxy Digital 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.