Galaxy Digital (NASDAQ:GLXY) Stock Price Up 7.3% – Here’s Why

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) were up 7.3% during trading on Thursday . The company traded as high as $20.07 and last traded at $20.3840. Approximately 1,485,854 shares were traded during trading, a decline of 77% from the average daily volume of 6,376,854 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

Several analysts have recently weighed in on GLXY shares. Citizens Jmp reissued a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a research note on Wednesday, February 4th. Citigroup lifted their price target on shares of Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $46.00 price objective on shares of Galaxy Digital in a report on Friday, January 30th. BTIG Research reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research note on Tuesday, March 10th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.15.

Galaxy Digital Trading Up 10.4%

The company has a market cap of $8.16 billion and a PE ratio of 175.45. The company’s 50 day simple moving average is $21.13 and its two-hundred day simple moving average is $27.29. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16. The company had revenue of $10.22 billion during the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Transactions at Galaxy Digital

In other news, Director Douglas R. Deason purchased 25,000 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the purchase, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Investors Weigh In On Galaxy Digital

Several institutional investors and hedge funds have recently modified their holdings of GLXY. Hsbc Holdings PLC acquired a new position in Galaxy Digital during the 4th quarter worth about $958,000. Caitong International Asset Management Co. Ltd grew its position in Galaxy Digital by 8,070.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock valued at $924,000 after acquiring an additional 40,834 shares in the last quarter. Virtu Financial LLC purchased a new stake in Galaxy Digital during the fourth quarter worth about $1,181,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Galaxy Digital during the fourth quarter worth about $154,000. Finally, Invesco Ltd. lifted its position in shares of Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after purchasing an additional 731,215 shares in the last quarter.

Galaxy Digital Company Profile

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.