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

Galaxy Digital Inc. (NASDAQ:GLXY) shares gapped down before the market opened on Wednesday. The stock had previously closed at $16.83, but opened at $15.53. Galaxy Digital shares last traded at $15.5560, with a volume of 1,391,580 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. The Goldman Sachs Group set a $20.50 target price on shares of Galaxy Digital in a research report on Tuesday, October 27th. Piper Sandler decreased their price target on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Zacks Research upgraded shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. Chardan Capital reissued a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a report on Tuesday, October 27th. Finally, BTIG Research cut their target price on Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Galaxy Digital Price Performance

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’s 50 day moving average price is $21.09 and its two-hundred day moving average price is $23.90. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of -13.21 and a beta of 5.38.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The company had revenue of $8.69 billion during the quarter. Equities research analysts forecast that Galaxy Digital Inc. will post -0.07 EPS for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In related news, CEO Michael Novogratz bought 760,000 shares of the stock in a transaction dated Thursday, November 5th. The shares were purchased at an average price of $12.98 per share, for a total transaction of $9,864,800.00. Following the completion of the purchase, the chief executive officer directly owned 760,000 shares of the company’s stock, valued at $9,864,800. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas R. Deason bought 12,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was bought at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the purchase, the director directly owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 777,100 shares of company stock worth $10,223,393. Insiders own 51.53% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. State Street Corp raised its position in Galaxy Digital by 99.7% during the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after acquiring an additional 1,913,688 shares during the period. Moore Capital Management LP grew its holdings in shares of 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 buying an additional 720,000 shares in the last quarter. Sullivan Wood Capital Management LLC raised its position in shares of Galaxy Digital by 4.0% in the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock valued at $33,213,000 after buying an additional 55,804 shares during the last quarter. Bank of America Corp DE raised its position in shares of Galaxy Digital by 112.4% in 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 buying an additional 605,986 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new position in shares of Galaxy Digital in the second quarter worth about $12,221,000.

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.