Cinctive Capital Management LP Sells 50,801 Shares of Galaxy Digital Inc. $GLXY

Cinctive Capital Management LP lowered its position in shares of Galaxy Digital Inc. (NASDAQ:GLXY) by 73.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,625 shares of the company’s stock after selling 50,801 shares during the quarter. Cinctive Capital Management LP’s holdings in Galaxy Digital were worth $630,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Balyasny Asset Management L.P. bought a new position in Galaxy Digital during the second quarter worth about $113,435,000. Invesco Ltd. bought a new stake in Galaxy Digital in the 2nd quarter valued at about $53,233,000. Tidal Investments LLC bought a new stake in Galaxy Digital in the 2nd quarter valued at about $48,452,000. Vanguard Group Inc. grew its position in shares of Galaxy Digital by 15.5% during the 3rd quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock worth $547,950,000 after purchasing an additional 2,179,540 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new position in shares of Galaxy Digital during the 2nd quarter worth approximately $43,525,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GLXY shares. Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 price target on shares of Galaxy Digital in a research report on Wednesday, February 4th. HC Wainwright reduced their price target on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, February 4th. BTIG Research restated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Tuesday, March 10th. Morgan Stanley cut their target price on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $42.54.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $23.10 on Tuesday. The firm’s 50 day simple moving average is $24.61 and its 200 day simple moving average is $28.23. The firm has a market capitalization of $9.02 billion and a price-to-earnings ratio of 192.50. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.80. Galaxy Digital Inc. has a 1 year low of $8.20 and a 1 year high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) EPS for the quarter, beating the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to analyst estimates of $13.08 billion.

Insider Activity

In other Galaxy Digital news, Director Douglas R. Deason purchased 25,000 shares of the stock in a transaction dated Wednesday, February 4th. The stock was bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the acquisition, the director owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This represents a 73.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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.