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

Galaxy Digital Inc. (NASDAQ:GLXY) gapped down before the market opened 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 trading hands.

Other analysts have also issued research reports about the company. Zacks Research lowered Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. The Goldman Sachs Group reduced their price target on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Piper Sandler decreased their price objective on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Weiss Ratings downgraded Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus price target of $38.83.

Insider Activity

In other news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the completion of the sale, the director owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Galaxy Digital by 27.5% during the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after acquiring an additional 4,463,782 shares in the last quarter. Capital Research Global Investors purchased a new stake in Galaxy Digital during the 4th quarter worth approximately $406,102,000. Invesco Ltd. increased its stake in Galaxy Digital by 31.1% during the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after purchasing an additional 731,215 shares in the last quarter. Geode Capital Management LLC increased its stake in Galaxy Digital by 13.0% during the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock valued at $54,424,000 after purchasing an additional 279,818 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Galaxy Digital in the second quarter worth $48,452,000.

Galaxy Digital Trading Up 4.8%

The stock’s fifty day simple moving average is $26.60 and its 200-day simple moving average is $25.21. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. The firm has a market cap of $7.98 billion, a PE ratio of -31.49 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. The firm had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.10%. During the same period last year, the firm earned $0.08 earnings per share. On average, sell-side analysts forecast that Galaxy Digital Inc. will post -0.35 earnings per share for the current year.

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.