Galaxy Digital (NASDAQ:GLXY) Trading Down 4.3% – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price dropped 4.3% on Thursday . The company traded as low as $30.98 and last traded at $31.06. Approximately 1,513,905 shares were traded during trading, a decline of 78% from the average daily volume of 6,889,087 shares. The stock had previously closed at $32.45.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Rosenblatt Securities upped their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Citizens Jmp started coverage on Galaxy Digital in a report on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 price target for the company. Citigroup assumed coverage on Galaxy Digital in a research note on Tuesday, December 9th. They issued an “outperform” rating on the stock. The Goldman Sachs Group restated a “neutral” rating and set a $27.00 target price on shares of Galaxy Digital in a research report on Tuesday. Finally, Canaccord Genuity Group lifted their target price on Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $46.09.

Galaxy Digital Stock Up 3.2%

The stock has a market cap of $12.46 billion and a price-to-earnings ratio of 26.58. The stock has a 50 day simple moving average of $26.34 and a 200 day simple moving average of $29.04. 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 (NASDAQ:GLXY) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.74. The firm had revenue of $28.40 billion during the quarter, compared to the consensus estimate of $19.85 billion. During the same quarter in the prior year, the business earned ($0.16) earnings per share.

Insider Activity

In other Galaxy Digital news, Director Douglas R. Deason acquired 10,000 shares of Galaxy Digital stock in a transaction dated Friday, November 7th. The stock was purchased at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $295,900. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently added to or reduced their stakes in GLXY. CWM LLC bought a new stake in Galaxy Digital during the 2nd quarter worth approximately $26,000. Manchester Capital Management LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $32,000. Centerpoint Advisors LLC bought a new stake in Galaxy Digital during the second quarter worth $33,000. DHJJ Financial Advisors Ltd. purchased a new stake in Galaxy Digital in the 2nd quarter valued at $34,000. Finally, North Star Investment Management Corp. bought a new position in Galaxy Digital during the 3rd quarter valued at $34,000.

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.