Key Points
- CEO Michael Novogratz bought 760,000 Galaxy Digital shares at an average of $12.98 each, a transaction worth about $9.86 million.
- Galaxy Digital shares were reported down 7.1%, opening at $12.98; the stock’s 1-year range was $11.78 to $36.10.
- The company reported quarterly EPS of $0.83, beating the $0.29 consensus estimate. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $35.29.
Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) CEO Michael Novogratz bought 760,000 shares of the firm's stock in a transaction dated Thursday, November 5th. The stock was purchased at an average cost of $12.98 per share, for a total transaction of $9,864,800.00. Following the transaction, the chief executive officer directly owned 760,000 shares of the company's stock, valued at $9,864,800. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Galaxy Digital Trading Down 7.1%
Shares of NASDAQ GLXY opened at $12.98 on Friday. The business's 50 day moving average is $21.09 and its 200-day moving average is $23.90. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. Galaxy Digital Inc. has a 1-year low of $11.78 and a 1-year high of $36.10.
Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.54. The business had revenue of $8.69 billion during the quarter. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. Analysts expect that Galaxy Digital Inc. will post -0.07 EPS for the current fiscal year.
Hedge Funds Weigh In On Galaxy Digital
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Galaxy Digital by 99.7% in the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company's stock valued at $104,821,000 after acquiring an additional 1,913,688 shares in the last quarter. Moore Capital Management LP grew its holdings in shares of Galaxy Digital by 52.9% during the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock worth $56,929,000 after purchasing an additional 720,000 shares in the last quarter. Sullivan Wood Capital Management LLC grew its holdings in shares of Galaxy Digital by 4.0% during the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company's stock worth $33,213,000 after purchasing an additional 55,804 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Galaxy Digital by 112.4% during the 2nd quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock worth $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, AWM Investment Company Inc. bought a new position in shares of Galaxy Digital in the second quarter worth $12,221,000.
Analyst Upgrades and Downgrades
GLXY has been the subject of a number of research reports. HC Wainwright dropped their target price on Galaxy Digital from $40.00 to $36.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Canaccord Genuity Group reissued a "buy" rating and issued a $50.00 target price on shares of Galaxy Digital in a research report on Wednesday, October 28th. The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research note on Tuesday, October 27th. BTIG Research lowered their price target on shares of Galaxy Digital from $45.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, October 27th. Finally, Weiss Ratings cut shares of Galaxy Digital from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, October 23rd. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.29.
Check Out Our Latest Stock Analysis on Galaxy Digital
About Galaxy Digital
(
Get Free Report)
Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.
Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
