Galaxy Digital (NASDAQ:GLXY) Sets New 1-Year Low – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY) shares hit a new 52-week low during trading on Thursday. The stock traded as low as $13.42 and last traded at $13.5960, with a volume of 117,853 shares trading hands. The stock had previously closed at $13.97.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Maxim Group decreased their target price on Galaxy Digital from $46.00 to $36.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. The Goldman Sachs Group set a $20.50 price objective on shares of Galaxy Digital in a research report on Tuesday, October 27th. Weiss Ratings cut shares of Galaxy Digital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $50.00 target price on shares of Galaxy Digital in a research note on Wednesday, October 28th. Finally, Piper Sandler decreased their price objective on shares of Galaxy Digital from $33.00 to $25.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Galaxy Digital Price 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 stock has a market capitalization of $5.05 billion, a P/E ratio of -13.20 and a beta of 5.38. The firm has a fifty day moving average price of $21.33 and a two-hundred day moving average price of $24.01.

Galaxy Digital (NASDAQ:GLXY) last released its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.54. The company had revenue of $8.69 billion for the quarter. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. As a group, analysts expect that Galaxy Digital Inc. will post -0.07 EPS for the current fiscal year.

Insider Activity

In other news, insider Matthew Friedrich sold 4,993 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the sale, the insider owned 275,782 shares of the company’s stock, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason acquired 12,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the transaction, the director directly owned 71,000 shares in the company, valued at $1,529,340. This trade represents a 20.34% 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 company insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of institutional investors and hedge funds have recently bought and sold shares of GLXY. State Street Corp grew its holdings in shares of Galaxy Digital by 99.7% in the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company’s stock worth $104,821,000 after acquiring an additional 1,913,688 shares during the period. Moore Capital Management LP raised its position in Galaxy Digital by 52.9% during the second quarter. Moore Capital Management LP now owns 2,082,250 shares of the company’s stock worth $56,929,000 after acquiring an additional 720,000 shares during the last quarter. Sullivan Wood Capital Management LLC raised its position in Galaxy Digital by 4.0% during the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock worth $33,213,000 after acquiring an additional 55,804 shares during the last quarter. Bank of America Corp DE lifted its holdings 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 valued at $31,309,000 after purchasing an additional 605,986 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in shares of Galaxy Digital in the second quarter valued at approximately $12,221,000.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.