Galaxy Digital (NASDAQ:GLXY) Trading Down 7.1% – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY) fell 7.1% during mid-day trading on Friday . The stock traded as low as $18.38 and last traded at $18.2090. 1,082,314 shares were traded during mid-day trading, a decline of 83% from the average session volume of 6,450,029 shares. The stock had previously closed at $19.61.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. The Goldman Sachs Group cut their target price on Galaxy Digital from $27.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 4th. BTIG Research reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a report on Tuesday, March 10th. Wall Street Zen cut Galaxy Digital from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, HC Wainwright lowered 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. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.77.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a market cap of $7.08 billion and a P/E ratio of 151.70. The business’s 50-day simple moving average is $23.74 and its 200 day simple moving average is $28.04.

Galaxy Digital (NASDAQ:GLXY) last released its quarterly 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 $10.22 billion for the quarter, compared to the consensus estimate of $13.08 billion.

Insider Buying and Selling

In other news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the completion of the acquisition, the director owned 59,000 shares in the company, valued at $1,227,200. The trade was a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after buying an additional 4,463,782 shares during the last quarter. Capital Research Global Investors purchased a new stake in Galaxy Digital during the fourth quarter valued at approximately $406,102,000. Balyasny Asset Management L.P. purchased a new stake in Galaxy Digital during the second quarter valued at approximately $113,435,000. Invesco Ltd. raised its position in Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after acquiring an additional 731,215 shares during the period. Finally, Geode Capital Management LLC raised its position in Galaxy Digital by 13.0% in the fourth quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after acquiring an additional 279,818 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.