Galaxy Digital (NASDAQ:GLXY) Announces Earnings Results

Galaxy Digital (NASDAQ:GLXY) posted its quarterly earnings results on Tuesday. The company reported ($1.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.24) by $0.16, Zacks reports.

Galaxy Digital Trading Down 6.4%

Galaxy Digital stock opened at $26.44 on Tuesday. The stock has a 50-day simple moving average of $26.99 and a 200 day simple moving average of $29.50. The stock has a market capitalization of $10.33 billion and a P/E ratio of 22.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. Galaxy Digital has a 52 week low of $8.20 and a 52 week high of $45.92.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason acquired 10,000 shares of Galaxy Digital stock in a transaction on Friday, November 7th. The stock was purchased at an average cost of $29.59 per share, with a total value of $295,900.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at $295,900. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cresset Asset Management LLC acquired a new position in shares of Galaxy Digital during the 3rd quarter worth approximately $567,000. Corient Private Wealth LLC bought a new stake in shares of Galaxy Digital in the second quarter valued at approximately $433,000. Jefferies Financial Group Inc. acquired a new stake in Galaxy Digital during the third quarter worth approximately $399,000. Sender Co & Partners Inc. acquired a new stake in Galaxy Digital during the second quarter worth approximately $389,000. Finally, Raymond James Financial Inc. bought a new position in Galaxy Digital during the 2nd quarter worth $283,000.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Benchmark lifted their target price on Galaxy Digital from $40.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. BTIG Research lifted their price objective on Galaxy Digital from $35.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Citizens Jmp assumed coverage on Galaxy Digital in a research note on Tuesday, December 9th. They set a “market outperform” rating and a $60.00 target price for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research note on Friday. Finally, Morgan Stanley started coverage on shares of Galaxy Digital in a research report on Thursday, November 6th. They set an “overweight” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Galaxy Digital currently has an average rating of “Buy” and an average price target of $46.42.

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.