Galaxy Digital (NASDAQ:GLXY) Reaches New 1-Year Low – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price reached a new 52-week low on Thursday. The stock traded as low as $13.42 and last traded at $13.5960, with a volume of 117,853 shares trading hands. The stock had previously closed at $13.97.

Wall Street Analyst Weigh In

GLXY has been the subject of several recent analyst reports. Zacks Research upgraded Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. BTIG Research cut their price objective on Galaxy Digital from $45.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Rosenblatt Securities reduced their target price on Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Maxim Group cut their target price on shares of Galaxy Digital from $46.00 to $36.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Finally, Chardan Capital reissued a “buy” rating and issued a $35.00 price objective on shares of Galaxy Digital in a research note on Tuesday, October 27th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Galaxy Digital currently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The company has a 50-day simple moving average of $20.86 and a 200 day simple moving average of $23.81.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share 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 business had revenue of $8.69 billion during the quarter. Sell-side analysts expect that Galaxy Digital Inc. will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other Galaxy Digital news, Director Medina Adams sold 12,000 shares of the stock in a transaction on Friday, October 30th. The stock was sold at an average price of $16.45, for a total value of $197,400.00. Following the transaction, the director directly owned 107,919 shares in the company, valued at approximately $1,775,267.55. This trade represents a 10.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Bandrowczak purchased 5,100 shares of Galaxy Digital stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average cost of $19.63 per share, with a total value of $100,113.00. Following the completion of the transaction, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 777,100 shares of company stock worth $10,223,393 over the last three months. Company insiders own 51.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GLXY. Northwestern Mutual Wealth Management Co. purchased a new stake in Galaxy Digital during the 2nd quarter valued at about $30,000. Reyes Financial Architecture Inc. bought a new position in Galaxy Digital in the third quarter worth approximately $30,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Galaxy Digital in the third quarter valued at about $37,000. CoreCap Advisors LLC lifted its position in shares of Galaxy Digital by 496.0% during the 3rd quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock valued at $50,000 after buying an additional 1,840 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Galaxy Digital by 1,160.8% in the third quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock valued at $53,000 after purchasing an additional 2,159 shares during the period.

About Galaxy Digital

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.