Galaxy Digital (NASDAQ:GLXY) Posts Earnings Results, Beats Expectations By $0.16 EPS

Galaxy Digital (NASDAQ:GLXY) posted its quarterly earnings results on Tuesday. The company reported ($1.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.24) by $0.16, Zacks reports.

Galaxy Digital Stock Performance

Shares of GLXY stock opened at $26.44 on Tuesday. The firm has a 50 day moving average of $26.99 and a 200-day moving average of $29.50. The company has a market cap of $10.33 billion and a price-to-earnings ratio of 22.03. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GLXY shares. Cantor Fitzgerald dropped their price objective on shares of Galaxy Digital to $48.00 and set an “overweight” rating for the company in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Galaxy Digital in a report on Monday, December 29th. Morgan Stanley started coverage on Galaxy Digital in a report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective on the stock. Benchmark increased their target price on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Finally, Citizens Jmp initiated coverage on Galaxy Digital in a report on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Galaxy Digital currently has a consensus rating of “Buy” and an average price target of $46.42.

Insider Buying and Selling

In related news, Director Douglas R. Deason acquired 10,000 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were bought at an average price of $29.59 per share, with a total value of $295,900.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $295,900. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hedge Funds Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. bought a new stake in shares of Galaxy Digital during the 2nd quarter valued at about $53,233,000. Tidal Investments LLC bought a new stake in Galaxy Digital during the second quarter valued at approximately $48,452,000. Jane Street Group LLC purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $29,114,000. Man Group plc purchased a new stake in shares of Galaxy Digital during the 3rd quarter valued at $38,549,000. Finally, Moore Capital Management LP bought a new stake in shares of Galaxy Digital during the 2nd quarter worth $22,595,000.

About Galaxy Digital

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.