Galaxy Digital (NASDAQ:GLXY) Posts Earnings Results, Beats Estimates By $0.27 EPS

Galaxy Digital (NASDAQ:GLXY) issued its quarterly earnings results on Wednesday. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27, FiscalAI reports. 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 in the previous year, the company earned $0.08 EPS.

Galaxy Digital Trading Up 3.2%

Shares of GLXY stock traded up $0.63 on Friday, hitting $20.17. 6,382,572 shares of the company’s stock traded hands, compared to its average volume of 6,505,680. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of -31.03 and a beta of 5.06. The company’s fifty day simple moving average is $26.60 and its 200 day simple moving average is $25.21. Galaxy Digital has a one year low of $16.43 and a one year high of $45.92. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. BTIG Research lowered their price target on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday. Citizens Jmp reaffirmed a “market outperform” rating and set a $55.00 price target on shares of Galaxy Digital in a research note on Wednesday, April 29th. Chardan Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of Galaxy Digital in a report on Wednesday. Finally, Zacks Research cut Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Ten equities research 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.83.

Insiders Place Their Bets

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were 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 of the company’s stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 51.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new stake in shares of Galaxy Digital in the 2nd quarter valued at about $80,000. Invesco Ltd. bought a new position in Galaxy Digital during the 2nd quarter worth approximately $53,233,000. EverSource Wealth Advisors LLC bought a new position in Galaxy Digital during the 2nd quarter worth approximately $116,000. First Trust Advisors LP purchased a new position in Galaxy Digital in the 2nd quarter worth approximately $13,376,000. Finally, Cerity Partners LLC bought a new stake in Galaxy Digital in the second quarter valued at approximately $219,000.

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.