Galaxy Digital (NASDAQ:GLXY) Trading Down 4.3% – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price dropped 4.3% during trading on Thursday . The stock traded as low as $30.98 and last traded at $31.06. Approximately 1,513,905 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 6,889,087 shares. The stock had previously closed at $32.45.

Wall Street Analysts Forecast Growth

GLXY has been the topic of several recent analyst reports. Citizens Jmp started coverage on shares of Galaxy Digital in a research note on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 target price on the stock. Morgan Stanley initiated coverage on Galaxy Digital in a report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price target on the stock. The Goldman Sachs Group reissued a “neutral” rating and issued a $27.00 price objective on shares of Galaxy Digital in a research note on Tuesday. BTIG Research raised their price objective on Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Finally, Canaccord Genuity Group upped their target price on Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $46.09.

Galaxy Digital Trading Down 4.7%

The business has a 50-day moving average of $26.15 and a 200-day moving average of $28.94. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.36. The stock has a market cap of $12.08 billion and a price-to-earnings ratio of 25.77.

Galaxy Digital (NASDAQ:GLXY) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.74. The firm had revenue of $28.40 billion during the quarter, compared to analyst estimates of $19.85 billion. During the same period in the previous year, the company earned ($0.16) earnings per share.

Insider Activity at Galaxy Digital

In other news, Director Douglas R. Deason acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average price of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $295,900. This represents a ? increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Trading of Galaxy Digital

Several large investors have recently added to or reduced their stakes in GLXY. Balyasny Asset Management L.P. acquired a new position in shares of Galaxy Digital during the 2nd quarter worth $113,435,000. Invesco Ltd. acquired a new position in Galaxy Digital during the second quarter worth $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital during the second quarter valued at about $48,452,000. Vanguard Group Inc. raised its holdings in Galaxy Digital by 15.5% during the third quarter. Vanguard Group Inc. now owns 16,206,111 shares of the company’s stock valued at $547,950,000 after buying an additional 2,179,540 shares in the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth about $43,525,000.

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.