Galaxy Digital (NASDAQ:GLXY) Stock Price Down 5.8% – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price was down 5.8% on Tuesday . The stock traded as low as $22.72 and last traded at $22.7210. Approximately 342,365 shares changed hands during trading, a decline of 95% from the average daily volume of 6,354,790 shares. The stock had previously closed at $24.13.

Wall Street Analysts Forecast Growth

GLXY has been the topic of a number of recent analyst reports. BTIG Research cut their price target on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Wednesday, August 5th. Piper Sandler dropped their price objective 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. Citigroup cut their target price on Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 19th. Finally, Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.58.

Galaxy Digital Trading Down 0.1%

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $8.71 billion, a price-to-earnings ratio of -34.26 and a beta of 5.10. The company’s fifty day moving average is $23.00 and its two-hundred day moving average is $24.90.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.27. The business had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same quarter in the previous year, the firm posted $0.08 earnings per share. On average, research analysts anticipate that Galaxy Digital Inc. will post -0.79 EPS for the current year.

Insider Activity at Galaxy Digital

In related news, insider Matthew Friedrich sold 4,993 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total transaction of $134,960.79. Following the completion of the transaction, the insider directly owned 275,782 shares in the company, valued at $7,454,387.46. The trade was a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason purchased 12,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the acquisition, the director owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is currently owned by insiders.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Galaxy Digital during the second quarter valued at approximately $30,000. Hollencrest Capital Management lifted its holdings in Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after acquiring an additional 1,734 shares during the period. Eurizon Capital SGR S.p.A. purchased a new stake in Galaxy Digital in the 4th quarter worth approximately $71,000. Harbour Investments Inc. boosted its position in Galaxy Digital by 12,563.3% in the 4th quarter. Harbour Investments Inc. now owns 3,799 shares of the company’s stock worth $85,000 after purchasing an additional 3,769 shares in the last quarter. Finally, Compass Financial Management LLC acquired a new stake in shares of Galaxy Digital during the 2nd quarter worth approximately $120,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.