Galaxy Digital (NASDAQ:GLXY) Shares Down 11.7% – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price fell 11.7% during trading on Friday . The company traded as low as $25.53 and last traded at $25.0740. 1,136,018 shares traded hands during trading, a decline of 81% from the average session volume of 6,004,698 shares. The stock had previously closed at $28.41.

Wall Street Analyst Weigh In

GLXY has been the topic of several analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 target price on shares of Galaxy Digital in a research note on Thursday, April 23rd. Chardan Capital reiterated a “buy” rating and issued a $35.00 price target on shares of Galaxy Digital in a research report on Monday, May 4th. Morgan Stanley restated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a report on Wednesday, April 29th. BTIG Research reiterated a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Thursday, May 21st. Finally, Weiss Ratings lowered shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

Galaxy Digital Stock Down 12.6%

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 firm has a fifty day simple moving average of $25.68 and a 200-day simple moving average of $25.01. The firm has a market cap of $9.68 billion and a price-to-earnings ratio of -51.66.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $10.21 billion during the quarter. During the same quarter in the prior year, the business posted ($0.86) EPS. As a group, sell-side analysts expect that Galaxy Digital Inc. will post -0.32 EPS for the current year.

Insiders Place Their Bets

In other Galaxy Digital news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction 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. This represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 51.53% of the stock is owned by insiders.

Hedge Funds Weigh In On Galaxy Digital

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

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.