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

Galaxy Digital (NASDAQ:GLXY) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on GLXY. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, April 24th. The Goldman Sachs Group lowered their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Galaxy Digital in a research report on Friday, May 1st. Citizens Jmp reissued a “market outperform” rating and issued a $55.00 price target on shares of Galaxy Digital in a report on Wednesday, April 29th. Finally, Weiss Ratings cut shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.29.

Galaxy Digital Stock Performance

NASDAQ GLXY opened at $25.41 on Monday. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. 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 stock has a market capitalization of $9.91 billion, a PE ratio of -52.94 and a beta of 4.84. The company’s 50 day simple moving average is $28.47 and its two-hundred day simple moving average is $25.65.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating 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 net margin of 0.54% and a negative return on equity of 2.30%. During the same quarter last year, the firm earned ($0.86) earnings per share. Analysts predict that Galaxy Digital will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction dated 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 transaction, the director 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Galaxy Digital by 27.5% during the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after acquiring an additional 4,463,782 shares during the period. Capital Research Global Investors purchased a new position in shares of Galaxy Digital in the 4th quarter valued at approximately $406,102,000. Invesco Ltd. lifted its stake in shares of Galaxy Digital by 31.1% in 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 during the period. Geode Capital Management LLC boosted its position in shares of Galaxy Digital by 13.0% during the fourth 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 bought a new stake in shares of Galaxy Digital during the second quarter valued at approximately $48,452,000.

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.