Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Here’s Why

by · The Markets Daily

Galaxy Digital Inc. (NASDAQ:GLXY – Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $24.79, but opened at $23.86. Galaxy Digital shares last traded at $24.3650, with a volume of 385,335 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on GLXY shares. BTIG Research decreased their target price on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Rosenblatt Securities dropped their price target on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Piper Sandler cut their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Morgan Stanley restated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Galaxy Digital in a research note on Friday, May 1st. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.67.

Check Out Our Latest Stock Analysis on GLXY

Galaxy Digital Stock Down 3.2%

The stock has a fifty day moving average of $24.29 and a 200-day moving average of $24.49. The firm has a market capitalization of $9.38 billion, a price-to-earnings ratio of -36.90 and a beta of 5.06. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.27. The business had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%.During the same period in the prior year, the company earned $0.08 earnings per share. As a group, sell-side analysts expect that Galaxy Digital Inc. will post -0.82 EPS for the current year.

Insider Transactions at Galaxy Digital

In other news, Director Douglas R. Deason purchased 12,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the acquisition, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven John Bandrowczak purchased 5,100 shares of Galaxy Digital stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director owned 39,186 shares in the company, valued at $769,221.18. This represents a 14.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Galaxy Digital

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Galaxy Digital by 184.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company’s stock valued at $1,808,000 after buying an additional 52,334 shares in the last quarter. Encompass More Asset Management acquired a new position in Galaxy Digital during the fourth quarter valued at $896,000. Riposte Capital LLC acquired a new position in Galaxy Digital during the first quarter valued at $2,952,000. Finally, Bank of America Corp DE lifted its stake in Galaxy Digital by 124.3% in the 1st quarter. Bank of America Corp DE now owns 539,186 shares of the company’s stock worth $9,948,000 after acquiring an additional 298,781 shares in the last quarter.

About Galaxy Digital

(Get Free Report)

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.

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