Galaxy Digital (NASDAQ:GLXY) Shares Gap Down - Time to Sell?

Key Points

• Galaxy Digital shares fell sharply, opening at $20.48 after a $22.14 close and last trading near $20.22, down 13.3%. The stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: Zacks downgraded the stock to “strong sell,” while several firms maintained Buy or Overweight ratings. Overall, analysts hold a “Moderate Buy” consensus with an average price target of $39.25.
• Galaxy Digital reported a quarterly loss of $0.09 per share, better than the expected $0.36 loss, alongside $8.71 billion in revenue. A company director sold 250,000 shares, although insiders still own 51.53% of the stock.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $22.14, but opened at $20.48. Galaxy Digital shares last traded at $20.22, with a volume of 2,729,288 shares trading hands.

Wall Street Analyst Weigh In

GLXY has been the topic of several recent analyst reports. Zacks Research downgraded shares of Galaxy Digital from a "hold" rating to a "strong sell" rating in a research note on Monday, July 20th. Chardan Capital reissued a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a research note on Monday, May 4th. Wall Street Zen raised Galaxy Digital from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 2nd. Rosenblatt Securities dropped their target price on Galaxy Digital from $39.00 to $35.00 and set a "buy" rating for the company in a research note on Monday. Finally, Piper Sandler decreased their price target on Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating on the stock in a research note on Friday, July 17th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $39.25.

Galaxy Digital Trading Down 13.3%

The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.70 and a current ratio of 1.70. The firm has a market capitalization of $7.48 billion, a price-to-earnings ratio of -39.98 and a beta of 5.06. The business has a fifty day moving average price of $27.03 and a 200 day moving average price of $25.40.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.36) by $0.27. The firm had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same period last year, the firm posted $0.08 EPS. As a group, equities analysts forecast that Galaxy Digital Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Galaxy Digital

Institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its stake in shares of Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company's stock worth $663,000 after purchasing an additional 411 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Galaxy Digital by 6.9% during the 1st quarter. Private Advisor Group LLC now owns 10,108 shares of the company's stock valued at $186,000 after buying an additional 655 shares during the period. Dimensional Fund Advisors LP lifted its position in Galaxy Digital by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company's stock worth $1,182,000 after acquiring an additional 666 shares in the last quarter. Main Management ETF Advisors LLC boosted its holdings in Galaxy Digital by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company's stock worth $1,593,000 after acquiring an additional 728 shares during the period. Finally, Cetera Investment Advisers grew its position in Galaxy Digital by 2.3% in the fourth quarter. Cetera Investment Advisers now owns 32,963 shares of the company's stock valued at $737,000 after acquiring an additional 742 shares in the last quarter.

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.

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.

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