Galaxy Digital (NASDAQ:GLXY) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of Galaxy Digital (NASDAQ:GLXY) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning,Zacks.com reports.

GLXY has been the subject of several other research reports. Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price target on shares of Galaxy Digital in a research report on Thursday, April 23rd. Citizens Jmp reissued a “market outperform” rating and issued a $55.00 price target on shares of Galaxy Digital in a research note on Wednesday, April 29th. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Friday, April 24th. Finally, The Goldman Sachs Group lowered their price objective on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.29.

Galaxy Digital Stock Performance

Shares of Galaxy Digital stock opened at $25.41 on Monday. The firm has a market cap of $9.91 billion, a PE ratio of -52.94 and a beta of 4.84. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. Galaxy Digital has a 52 week low of $16.43 and a 52 week high of $45.92. The business’s fifty day simple moving average is $28.47 and its 200-day simple moving average is $25.65.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. The firm had revenue of $10.21 billion during the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same period in the previous year, the business posted ($0.86) earnings per share. Equities analysts forecast that Galaxy Digital will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of Galaxy Digital stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the transaction, the director directly owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 51.53% of the stock is owned by company insiders.

Institutional Trading of Galaxy Digital

Several hedge funds have recently made changes to their positions in GLXY. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after purchasing an additional 928 shares in the last quarter. Picton Mahoney Asset Management increased its stake in Galaxy Digital by 200.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after buying an additional 1,000 shares during the period. Danske Bank A S acquired a new stake in Galaxy Digital during the 4th quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Galaxy Digital during the 4th quarter worth approximately $46,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Galaxy Digital during the 4th quarter worth approximately $49,000.

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.