Galaxy Digital (NASDAQ:GLXY) Sets New 52-Week Low – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price reached a new 52-week low during trading on Wednesday. The stock traded as low as $15.03 and last traded at $15.76, with a volume of 10,430,955 shares changing hands. The stock had previously closed at $15.72.

Analysts Set New Price Targets

A number of analysts have weighed in on GLXY shares. Chardan Capital reissued a “buy” rating and issued a $35.00 price target on shares of Galaxy Digital in a report on Wednesday, August 5th. Zacks Research upgraded shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, September 18th. Rosenblatt Securities dropped their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Weiss Ratings raised shares of Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Piper Sandler cut their price objective on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.67.

Galaxy Digital Trading Up 0.3%

The business has a 50-day moving average price of $22.74 and a 200-day moving average price of $25.02. 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 (NASDAQ:GLXY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.27. The firm had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%. During the same period last year, the business earned $0.08 earnings per share. As a group, research analysts predict that Galaxy Digital Inc. will post -0.71 earnings per share for the current year.

Insider Buying and Selling at Galaxy Digital

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

Institutional Trading of Galaxy Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp raised its position in Galaxy Digital by 99.7% in the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after purchasing an additional 1,913,688 shares in the last quarter. Moore Capital Management LP lifted its stake in Galaxy Digital by 52.9% during the second 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 during the period. Sullivan Wood Capital Management LLC lifted its stake in Galaxy Digital by 4.0% during the third 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 during the period. Bank of America Corp DE boosted its holdings in Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock valued at $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, Anson Funds Management LP acquired a new stake in Galaxy Digital during the first quarter valued at approximately $11,070,000.

Galaxy Digital Company Profile

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.