Galaxy Digital (NASDAQ:GLXY) Stock Price Down 6.8% – Here’s What Happened

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) traded down 6.8% on Monday . The stock traded as low as $27.16 and last traded at $27.2780. 1,866,436 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 6,402,750 shares. The stock had previously closed at $29.26.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GLXY shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price target on shares of Galaxy Digital in a research note on Thursday, April 23rd. Piper Sandler cut their price objective on shares of Galaxy Digital from $42.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. The Goldman Sachs Group reduced their price objective on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Weiss Ratings downgraded Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Galaxy Digital has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Stock Performance

The company has a market cap of $10.66 billion and a price-to-earnings ratio of -56.96. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The stock’s 50 day moving average price is $29.55 and its 200 day moving average price is $25.65.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping 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 business had revenue of $10.21 billion for the quarter. During the same period in the prior year, the business posted ($0.86) earnings per share. On average, analysts expect that Galaxy Digital Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 51.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Capital Research Global Investors purchased a new stake in Galaxy Digital during the fourth quarter valued at about $406,102,000. Vanguard Group Inc. lifted its stake in shares of Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock valued at $462,310,000 after purchasing an additional 4,463,782 shares in the last quarter. Invesco Ltd. acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at about $53,233,000. Tidal Investments LLC acquired a new position in shares of Galaxy Digital in the 2nd quarter valued at about $48,452,000. Finally, Norges Bank purchased a new stake in shares of Galaxy Digital during the 4th quarter worth about $32,045,000.

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.