Galaxy Digital Inc. $GLXY Holdings Cut by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA cut its Galaxy Digital stake by 58.4% in the first quarter, leaving it with 33,552 shares worth about $619,000.
• Galaxy Digital director Michael D. Daffey sold 250,000 shares on May 21 at $28.77 each, a transaction worth about $7.19 million and reducing his ownership by 14.24%.
• The company recently beat earnings expectations, reporting a Q1 loss of $0.49 per share versus the expected $0.59 loss, while analysts currently rate the stock a Moderate Buy with an average target price of $39.50.

Pictet Asset Management Holding SA reduced its stake in Galaxy Digital Inc. (NASDAQ:GLXY - Free Report) by 58.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,552 shares of the company's stock after selling 47,156 shares during the period. Pictet Asset Management Holding SA's holdings in Galaxy Digital were worth $619,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its position in Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company's stock valued at $32,000 after purchasing an additional 928 shares during the period. Picton Mahoney Asset Management increased its position in Galaxy Digital by 200.0% in the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company's stock worth $34,000 after buying an additional 1,000 shares during the period. Danske Bank A S acquired a new stake in Galaxy Digital in the fourth quarter worth $36,000. Northwestern Mutual Wealth Management Co. bought a new stake in Galaxy Digital in the fourth quarter valued at $46,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Galaxy Digital during the fourth quarter valued at $49,000.

Insider Activity at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total transaction of $7,192,500.00. Following the sale, the director owned 1,505,419 shares of the company's stock, valued at $43,310,904.63. The trade was a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 51.53% of the stock is owned by corporate insiders.

Galaxy Digital Price Performance

Shares of NASDAQ GLXY opened at $25.10 on Friday. The stock has a market cap of $9.79 billion, a P/E ratio of -52.29 and a beta of 4.84. The firm's 50-day simple moving average is $29.41 and its 200 day simple moving average is $25.65. Galaxy Digital Inc. has a fifty-two week low of $16.43 and a fifty-two week high of $45.92. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.59) by $0.10. The firm had revenue of $10.21 billion during the quarter. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. During the same quarter in the prior year, the company earned ($0.86) EPS. Equities analysts expect that Galaxy Digital Inc. will post -0.32 EPS for the current year.

Analyst Ratings Changes

GLXY has been the topic of a number of analyst reports. BTIG Research reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Thursday, May 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Galaxy Digital in a research report on Friday, May 1st. Citizens Jmp restated a "market outperform" rating and issued a $55.00 price target on shares of Galaxy Digital in a research note on Wednesday, April 29th. Chardan Capital reaffirmed a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a report on Monday, May 4th. Finally, Weiss Ratings downgraded Galaxy Digital from a "sell (d+)" rating to a "sell (d-)" rating in a research report on Tuesday, May 26th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Galaxy Digital currently has an average rating of "Moderate Buy" and an average target price of $39.50.

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.

Want to see what other hedge funds are holding GLXY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Galaxy Digital Inc. (NASDAQ:GLXY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.