Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Here’s Why

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) gapped down prior to trading on Wednesday . The stock had previously closed at $24.79, but opened at $23.86. Galaxy Digital shares last traded at $24.3650, with a volume of 385,335 shares.

Analyst Upgrades and Downgrades

GLXY has been the topic of several recent analyst reports. Citigroup reduced their price objective on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 19th. Rosenblatt Securities dropped their target price on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Zacks Research cut shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Piper Sandler reduced their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Finally, Chardan Capital reissued a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a report on Wednesday, August 5th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus price target of $38.67.

Galaxy Digital Stock Performance

The business’s fifty day moving average is $23.94 and its two-hundred day moving average is $24.58. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $9.89 billion, a PE ratio of -38.91 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion for the quarter. During the same period in the previous year, the company earned $0.08 EPS. As a group, research analysts anticipate that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Douglas R. Deason bought 12,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were purchased at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the transaction, the director owned 71,000 shares of the company’s stock, valued at $1,529,340. This represents a 20.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven John Bandrowczak purchased 5,100 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, with a total value of $100,113.00. Following the acquisition, the director owned 39,186 shares in the company, valued at $769,221.18. The trade was a 14.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Galaxy Digital by 27.5% during the 4th 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. Capital Research Global Investors purchased a new stake in Galaxy Digital during the 4th quarter valued at $406,102,000. California State Teachers Retirement System lifted its position in Galaxy Digital by 2,735.0% in the second quarter. California State Teachers Retirement System now owns 6,074,538 shares of the company’s stock worth $166,078,000 after buying an additional 5,860,265 shares during the last quarter. Invesco Ltd. lifted its position in Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after buying an additional 731,215 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Galaxy Digital by 13.0% during the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after buying an additional 279,818 shares during the period.

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.