Galaxy Digital (NASDAQ:GLXY) Posts Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• Galaxy Digital reported a quarterly earnings per share (EPS) of $0.08, exceeding analysts' expectations by $0.14.
• Following the earnings report, Galaxy Digital's stock price fell by $2.15 to $26.74, with a notable trading volume of over 9 million shares.
• Recent insider trading activity saw COO Erin Brown and CEO Michael Novogratz selling significant shares, resulting in a combined ownership decrease of 64% and 92% respectively.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14, Zacks reports. The firm had revenue of $8.66 billion for the quarter, compared to analysts' expectations of $13.11 billion.

Galaxy Digital Stock Performance

GLXY stock traded down $0.31 on Friday, reaching $27.78. The company had a trading volume of 10,530,560 shares, compared to its average volume of 10,979,385. Galaxy Digital has a 1 year low of $8.20 and a 1 year high of $33.17. The firm's fifty day moving average price is $22.95.

Insider Buying and Selling

In other Galaxy Digital news, insider Christopher C. Ferraro sold 1,250,000 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $22,625,000.00. Following the completion of the transaction, the insider directly owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. The trade was a 46.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Erin Elizabeth Brown sold 353,956 shares of the business's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $6,406,603.60. Following the completion of the transaction, the chief operating officer owned 198,088 shares of the company's stock, valued at $3,585,392.80. This trade represents a 64.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,068,671 shares of company stock worth $186,216,900 in the last three months.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GLXY shares. The Goldman Sachs Group started coverage on Galaxy Digital in a research note on Thursday, July 31st. They set a "neutral" rating and a $30.00 price target on the stock. BTIG Research reissued a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a research note on Tuesday. Piper Sandler boosted their price target on Galaxy Digital from $34.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a research note on Friday, May 16th. Finally, Jefferies Financial Group began coverage on Galaxy Digital in a research note on Wednesday, July 23rd. They issued a "buy" rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $35.63.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.