Galaxy Digital (NASDAQ:GLXY) Shares Gap Down Following Analyst Downgrade

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price gapped down prior to trading on Wednesday after BTIG Research lowered their price target on the stock from $50.00 to $45.00. The stock had previously closed at $22.14, but opened at $20.48. BTIG Research currently has a buy rating on the stock. Galaxy Digital shares last traded at $20.22, with a volume of 2,729,288 shares changing hands.

GLXY has been the subject of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Galaxy Digital in a report on Friday, May 1st. Rosenblatt Securities reduced their price target on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Monday. Weiss Ratings lowered Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a report on Friday, April 24th. Finally, Zacks Research downgraded shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and an average price target of $38.83.

Insider Transactions at Galaxy Digital

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the completion of the transaction, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. The trade was a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 51.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of institutional investors have recently modified their holdings of GLXY. Caitong International Asset Management Co. Ltd boosted its stake in 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 buying an additional 928 shares in the last quarter. Picton Mahoney Asset Management raised its stake in Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S bought a new position in shares of Galaxy Digital in the fourth quarter worth about $36,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Galaxy Digital in the fourth quarter worth about $46,000. Finally, Hollencrest Capital Management lifted its holdings in shares of Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock worth $48,000 after acquiring an additional 1,734 shares during the last quarter.

Galaxy Digital Trading Up 3.7%

The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of -31.13 and a beta of 5.06. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The business’s 50 day moving average price is $26.60 and its two-hundred day moving average price is $25.21.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 6.10%. During the same quarter in the prior year, the company earned $0.08 earnings per share. On average, equities analysts predict that Galaxy Digital Inc. will post -0.35 earnings per share for the current fiscal year.

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.