Fred Alger Management LLC increased its stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY – Free Report) by 572.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,165,251 shares of the company’s stock after purchasing an additional 991,867 shares during the period. Fred Alger Management LLC’s holdings in Galaxy Digital were worth $26,055,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of Galaxy Digital by 183.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after acquiring an additional 928 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Galaxy Digital by 200.0% in the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Galaxy Digital in the 4th quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Galaxy Digital in the 4th quarter valued at about $46,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Galaxy Digital in the 4th quarter valued at about $49,000.
Galaxy Digital Price Performance
Shares of Galaxy Digital stock opened at $33.18 on Wednesday. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $12.94 billion and a PE ratio of -69.12. The business’s 50-day moving average price is $27.78 and its 200-day moving average price is $25.37. Galaxy Digital Inc. has a 12 month low of $16.43 and a 12 month high of $45.92.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the company. Piper Sandler lowered their price target on Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. BTIG Research reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Thursday, May 21st. Morgan Stanley reaffirmed an “overweight” rating and issued a $37.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Galaxy Digital in a report on Thursday, April 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Galaxy Digital in a report on Friday, May 1st. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.
Check Out Our Latest Stock Report on GLXY
Insider Activity at Galaxy Digital
In other news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 51.53% of the company’s stock.
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.
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