Galaxy Digital (NASDAQ:GLXY) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Galaxy Digital (NASDAQ:GLXY) from a hold rating to a sell rating in a report released on Saturday morning.

A number of other research firms have also issued reports on GLXY. Cantor Fitzgerald reduced their target price on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. Citigroup began coverage on Galaxy Digital in a report on Wednesday. They issued a “neutral” rating and a $25.00 target price for the company. HC Wainwright cut their price target on Galaxy Digital from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, February 4th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research report on Friday, January 30th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $46.00 price objective on shares of Galaxy Digital in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Galaxy Digital has an average rating of “Moderate Buy” and a consensus price target of $42.54.

Galaxy Digital Price Performance

GLXY opened at $20.59 on Friday. The stock’s 50-day moving average price is $25.05 and its 200 day moving average price is $28.49. Galaxy Digital has a 12-month low of $8.20 and a 12-month high of $45.92. The firm has a market cap of $8.04 billion and a price-to-earnings ratio of 171.58. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.37 billion during the quarter, compared to analyst estimates of $13.08 billion.

Insider Buying and Selling

In related news, Director Douglas R. Deason purchased 25,000 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average cost of $20.80 per share, for a total transaction of $520,000.00. Following the completion of the purchase, the director directly owned 59,000 shares of the company’s stock, valued at approximately $1,227,200. This trade represents a 73.53% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently bought and sold shares of the stock. CWM LLC lifted its holdings in shares of Galaxy Digital by 20.8% in the 3rd quarter. CWM LLC now owns 1,419 shares of the company’s stock valued at $48,000 after purchasing an additional 244 shares during the last quarter. Victory Capital Management Inc. increased its position in Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company’s stock worth $663,000 after buying an additional 411 shares during the period. Dimensional Fund Advisors LP lifted its stake in Galaxy Digital by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company’s stock valued at $1,182,000 after buying an additional 666 shares during the last quarter. Main Management ETF Advisors LLC boosted its holdings in shares of Galaxy Digital by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company’s stock valued at $1,593,000 after acquiring an additional 728 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Galaxy Digital by 2.3% in the fourth quarter. Cetera Investment Advisers now owns 32,963 shares of the company’s stock valued at $737,000 after acquiring an additional 742 shares during the period.

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.