MMCAP International Inc. SPC Buys New Stake in Galaxy Digital Inc. $GLXY

MMCAP International Inc. SPC purchased a new stake in Galaxy Digital Inc. (NASDAQ:GLXY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 760,086 shares of the company’s stock, valued at approximately $16,646,000. Galaxy Digital makes up about 2.2% of MMCAP International Inc. SPC’s holdings, making the stock its 11th largest position. MMCAP International Inc. SPC owned about 0.22% of Galaxy Digital as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sullivan Wood Capital Management LLC purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at about $26,699,000. Milestone Asset Management Group LLC purchased a new position in Galaxy Digital in the second quarter valued at approximately $5,972,000. Bank of Montreal Can acquired a new stake in Galaxy Digital during the second quarter worth approximately $3,918,000. Envestnet Asset Management Inc. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at $1,948,000. Finally, Harvest Portfolios Group Inc. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at $1,883,000.

Galaxy Digital Price Performance

GLXY stock opened at $31.56 on Friday. The firm has a market capitalization of $11.88 billion and a price-to-earnings ratio of 26.30. The firm has a 50 day simple moving average of $34.01. Galaxy Digital Inc. has a 12 month low of $8.20 and a 12 month high of $45.92. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.28.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data 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 business had revenue of $8.66 billion for the quarter, compared to analyst estimates of $13.11 billion.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, insider Christopher C. Ferraro sold 750,000 shares of the business’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $36.00, for a total transaction of $27,000,000.00. Following the completion of the sale, the insider owned 687,921 shares of the company’s stock, valued at approximately $24,765,156. The trade was a 52.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $36.00, for a total transaction of $108,000,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,783,333 shares of company stock worth $135,994,323 in the last three months.

Wall Street Analysts Forecast Growth

GLXY has been the subject of a number of research reports. Morgan Stanley assumed coverage on shares of Galaxy Digital in a research report on Thursday. They issued an “overweight” rating and a $42.00 price target for the company. Benchmark raised their price objective on shares of Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Rosenblatt Securities lifted their target price on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Canaccord Genuity Group lifted their price objective on Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Two investment 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 stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $44.33.

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.