Weiss Asset Management LP reduced its position in shares of Galaxy Digital Inc. (NASDAQ:GLXY – Free Report) by 10.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 317,394 shares of the company’s stock after selling 35,883 shares during the quarter. Weiss Asset Management LP’s holdings in Galaxy Digital were worth $5,856,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of GLXY. Capital Research Global Investors bought a new position in Galaxy Digital in the 4th quarter worth $406,102,000. Vanguard Group Inc. grew its position in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Galaxy Digital in the second quarter valued at about $53,233,000. Tidal Investments LLC bought a new position in shares of Galaxy Digital in the second quarter worth about $48,452,000. Finally, Norges Bank bought a new position in shares of Galaxy Digital in the fourth quarter worth about $32,045,000.
Wall Street Analysts Forecast Growth
GLXY has been the subject of several recent analyst reports. Citizens Jmp restated a “market outperform” rating and set a $55.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Weiss Ratings downgraded Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. BTIG Research reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Thursday, May 21st. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Galaxy Digital in a research report on Thursday, April 23rd. Finally, Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of Galaxy Digital in a research note on Monday, May 4th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Galaxy Digital has an average rating of “Moderate Buy” and an average price target of $39.62.
Insider Activity at Galaxy Digital
In related news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the sale, the director owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 51.53% of the stock is owned by company insiders.
Galaxy Digital Stock Performance
NASDAQ GLXY opened at $22.68 on Friday. Galaxy Digital Inc. has a twelve month low of $16.43 and a twelve month high of $45.92. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The stock has a market cap of $8.84 billion, a P/E ratio of -47.25 and a beta of 4.84. The company’s 50-day simple moving average is $28.06 and its 200 day simple moving average is $25.65.
Galaxy Digital (NASDAQ:GLXY – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The company had revenue of $10.21 billion for the quarter. During the same period in the previous year, the firm posted ($0.86) earnings per share. As a group, research analysts forecast that Galaxy Digital Inc. will post -0.5 earnings per share for the current fiscal year.
Galaxy Digital 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.
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