Galaxy Digital (NASDAQ:GLXY) Trading Down 5.8% – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY) dropped 5.8% during trading on Tuesday . The company traded as low as $22.72 and last traded at $22.7210. Approximately 342,365 shares traded hands during trading, a decline of 95% from the average daily volume of 6,354,790 shares. The stock had previously closed at $24.13.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GLXY shares. BTIG Research reduced their price objective on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Citigroup lowered their target price on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 19th. Chardan Capital reissued a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a research report on Wednesday, August 5th. Rosenblatt Securities dropped their price objective on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Finally, Piper Sandler cut their price objective on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday, July 17th. Ten 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $39.58.

Galaxy Digital Price Performance

The company has a 50-day moving average of $23.11 and a 200 day moving average of $24.90. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $8.95 billion, a P/E ratio of -35.33 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY) last issued 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 company 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 6.25%. During the same quarter in the prior year, the firm posted $0.08 EPS. On average, sell-side analysts anticipate that Galaxy Digital Inc. will post -0.79 EPS for the current year.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, Director Steven Bandrowczak purchased 5,100 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $19.63 per share, with a total value of $100,113.00. Following the acquisition, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. This trade represents a 14.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Friedrich sold 4,993 shares of the business’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the transaction, the insider directly owned 275,782 shares in the company, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds have recently added to or reduced their stakes in GLXY. The Manufacturers Life Insurance Company lifted its position in shares of Galaxy Digital by 30.6% during the second quarter. The Manufacturers Life Insurance Company now owns 54,809 shares of the company’s stock worth $1,498,000 after purchasing an additional 12,837 shares in the last quarter. Sequoia Financial Advisors LLC bought a new position in Galaxy Digital in the 2nd quarter worth approximately $269,000. Engineers Gate Manager LP acquired a new position in Galaxy Digital during the 2nd quarter worth $1,227,000. Squarepoint Ops LLC boosted its position in Galaxy Digital by 67.5% in the 2nd quarter. Squarepoint Ops LLC now owns 144,335 shares of the company’s stock valued at $3,946,000 after buying an additional 58,161 shares during the last quarter. Finally, CORDA Investment Management LLC. bought a new position in Galaxy Digital in the 2nd quarter valued at $1,358,000.

About Galaxy Digital

Galaxy Digital Holdings Ltd. (NASDAQ: GLXY) is a financial services and technology company focused on the digital asset and blockchain ecosystem. Founded in 2018 by Michael Novogratz, the company provides institutions, entrepreneurs and other market participants with access to a range of cryptocurrency-related financial products and services.

Galaxy’s business activities include investment banking, trading and liquidity provision, asset management, and digital infrastructure. Its services may include capital raising and strategic advisory, over-the-counter and electronic trading, derivatives and other market-related activities, investment products, and infrastructure supporting blockchain networks and digital asset operations.

The company serves clients across global digital asset markets, with operations and business relationships spanning North America and other international financial centers.