Galaxy Digital Inc. $GLXY Position Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its holdings in Galaxy Digital Inc. (NASDAQ:GLXY) by 58.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,552 shares of the company’s stock after selling 47,156 shares during the period. Pictet Asset Management Holding SA’s holdings in Galaxy Digital were worth $619,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLXY. Caitong International Asset Management Co. Ltd boosted its holdings in Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after buying an additional 928 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in shares of Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock valued at $34,000 after buying an additional 1,000 shares in the last quarter. Danske Bank A S acquired a new stake in shares of Galaxy Digital during the 4th quarter valued at $36,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Galaxy Digital during the 4th quarter worth $46,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Galaxy Digital in the 4th quarter worth $49,000.

Galaxy Digital Stock Performance

GLXY stock opened at $25.10 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The stock has a market cap of $9.79 billion, a P/E ratio of -52.29 and a beta of 4.84. The firm has a 50 day simple moving average of $29.41 and a 200 day simple moving average of $25.65. Galaxy Digital Inc. has a 52 week low of $16.43 and a 52 week high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. The firm had revenue of $10.21 billion for the quarter. During the same quarter in the prior year, the company posted ($0.86) EPS. Research analysts anticipate that Galaxy Digital Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity at Galaxy Digital

In other 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 transaction of $7,192,500.00. Following the transaction, 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 legal filing with the SEC, which is available at this link. 51.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GLXY shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Galaxy Digital in a report on Friday, May 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Galaxy Digital in a research note on Thursday, April 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Friday, April 24th. Chardan Capital reissued a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a research report on Monday, May 4th. Finally, Citigroup upped their price target on shares of Galaxy Digital from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Wednesday, March 18th. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Galaxy Digital presently has an average rating of “Moderate Buy” and an average target price of $39.50.

About Galaxy Digital

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.