Galaxy Digital (NASDAQ:GLXY) Sets New 52-Week Low – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY) hit a new 52-week low during trading on Thursday. The company traded as low as $16.43 and last traded at $16.63, with a volume of 1,131,994 shares trading hands. The stock had previously closed at $17.93.

Analyst Ratings Changes

GLXY has been the topic of several research reports. Morgan Stanley dropped their target price on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Rosenblatt Securities reduced their price target on Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Piper Sandler lowered their price target on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Weiss Ratings upgraded Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, BTIG Research dropped their price objective on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50. The firm’s 50 day moving average is $23.01 and its 200-day moving average is $25.06. The firm has a market cap of $6.65 billion, a price-to-earnings ratio of -26.01 and a beta of 5.11.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.27. The firm had revenue of $8.71 billion for 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 previous year, the company earned $0.08 earnings per share. Sell-side analysts anticipate that Galaxy Digital Inc. will post -0.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven Bandrowczak acquired 5,100 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $19.63 per share, with a total value of $100,113.00. Following the acquisition, the director owned 39,186 shares in the company, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew W. Friedrich sold 4,993 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the transaction, the insider directly owned 275,782 shares in the company, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 51.53% of the company’s stock.

Institutional Investors Weigh In On Galaxy Digital

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in Galaxy Digital by 99.7% during the second quarter. State Street Corp now owns 3,833,993 shares of the company’s stock valued at $104,821,000 after purchasing an additional 1,913,688 shares during the last quarter. Moore Capital Management LP raised its position in shares of Galaxy Digital by 52.9% in the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock valued at $56,929,000 after purchasing an additional 720,000 shares during the period. Sullivan Wood Capital Management LLC lifted its stake in shares of Galaxy Digital by 4.0% in the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock worth $33,213,000 after buying an additional 55,804 shares during the last quarter. Fred Alger Management LLC lifted its stake in shares of Galaxy Digital by 572.1% in the fourth quarter. Fred Alger Management LLC now owns 1,165,251 shares of the company’s stock worth $26,055,000 after buying an additional 991,867 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Galaxy Digital by 112.4% in the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company’s stock worth $31,309,000 after buying an additional 605,986 shares during the last quarter.

Galaxy Digital Company Profile

Galaxy Digital (NASDAQ: GLXY) is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.