Galaxy Digital (NASDAQ:GLXY) Reaches New 52-Week Low – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $16.43 and last traded at $16.63, with a volume of 1,131,994 shares. The stock had previously closed at $17.93.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Wednesday, August 5th. Citigroup raised Galaxy Digital from a “neutral” rating to a “buy” rating and upped their target price for the company from $26.00 to $28.00 in a research report on Tuesday. BTIG Research cut their target price on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Rosenblatt Securities reduced their target price on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Finally, Piper Sandler lowered their price target on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Eleven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Galaxy Digital has an average rating of “Moderate Buy” and a consensus target price of $39.33.

Galaxy Digital Trading Down 11.6%

The company’s fifty day moving average is $22.90 and its two-hundred day moving average is $24.99. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $6.31 billion, a price-to-earnings ratio of -24.83 and a beta of 5.11.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results 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. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion during the quarter. During the same period in the prior year, the business posted $0.08 earnings per share. On average, research analysts anticipate that Galaxy Digital Inc. will post -0.71 EPS for the current year.

Insider Activity

In other Galaxy Digital news, Director Steven Bandrowczak acquired 5,100 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the completion of the purchase, the director directly owned 39,186 shares of the company’s stock, valued at $769,221.18. The trade was a 14.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas Deason bought 12,000 shares of Galaxy Digital stock in a transaction that occurred on 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 acquisition, the director owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. lifted its holdings in shares of Galaxy Digital by 13.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 46,143 shares of the company’s stock valued at $1,049,000 after buying an additional 5,637 shares during the period. Pension & Wealth Management Advisors Inc. boosted its stake in shares of Galaxy Digital by 37.4% in the third quarter. Pension & Wealth Management Advisors Inc. now owns 11,874 shares of the company’s stock worth $270,000 after buying an additional 3,231 shares during the last quarter. Sullivan Wood Capital Management LLC boosted its stake 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 worth $33,213,000 after buying an additional 55,804 shares during the last quarter. GAMMA Investing LLC grew its holdings in Galaxy Digital by 1,160.8% during the third quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock worth $53,000 after acquiring an additional 2,159 shares during the period. Finally, CoreCap Advisors LLC grew its holdings in Galaxy Digital by 496.0% during the third quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock worth $50,000 after acquiring an additional 1,840 shares during the period.

Galaxy Digital Company Profile

Galaxy Digital (NASDAQ: GLXY) is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.