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

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price was down 5.8% during mid-day trading on Tuesday . The company traded as low as $22.72 and last traded at $22.7210. 342,365 shares changed 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Citigroup dropped their price target on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, August 19th. Zacks Research cut Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. BTIG Research cut their target price on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Piper Sandler decreased their target price 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Galaxy Digital in a research note on Friday, August 21st. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.58.

Galaxy Digital Trading Down 5.1%

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

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.27. The company had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same period in the prior year, the company earned $0.08 EPS. Analysts anticipate that Galaxy Digital Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at Galaxy Digital

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

Institutional Trading of Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new position in Galaxy Digital in the second quarter valued at approximately $30,000. Hollencrest Capital Management grew its stake in shares of Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after buying an additional 1,734 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Galaxy Digital during the fourth quarter worth $71,000. Harbour Investments Inc. lifted its stake in Galaxy Digital by 12,563.3% in the fourth quarter. Harbour Investments Inc. now owns 3,799 shares of the company’s stock valued at $85,000 after acquiring an additional 3,769 shares during the last quarter. Finally, Compass Financial Management LLC acquired a new stake in Galaxy Digital in the second quarter valued at $120,000.

Galaxy Digital Company Profile

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.