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

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

A number of other analysts have also recently issued reports on GLXY. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Galaxy Digital in a research report on Monday, May 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Galaxy Digital in a report on Friday, May 1st. BTIG Research reaffirmed a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a report on Thursday, May 21st. Piper Sandler cut their price target on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and an average price target of $39.29.

Galaxy Digital Trading Up 7.4%

Shares of NASDAQ:GLXY opened at $25.41 on Monday. Galaxy Digital has a 52-week low of $16.43 and a 52-week high of $45.92. The company has a market capitalization of $9.91 billion, a P/E ratio of -52.94 and a beta of 4.84. The company has a 50-day simple moving average of $28.47 and a 200 day simple moving average of $25.65. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. The business had revenue of $10.21 billion during the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same quarter in the previous year, the business posted ($0.86) EPS. Sell-side analysts forecast that Galaxy Digital will post -0.5 earnings per share for the current year.

Insider Activity at Galaxy Digital

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GLXY. Capital Research Global Investors acquired a new stake in shares of Galaxy Digital during the fourth quarter worth $406,102,000. Vanguard Group Inc. grew its stake 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 acquiring an additional 4,463,782 shares in the last quarter. Invesco Ltd. acquired a new position in shares of Galaxy Digital in the second quarter valued at about $53,233,000. Tidal Investments LLC bought a new position in Galaxy Digital during the second quarter worth about $48,452,000. Finally, Norges Bank acquired a new stake in Galaxy Digital in the 4th quarter worth about $32,045,000.

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.