Galaxy Digital (NASDAQ:GLXY) Trading 6.7% Higher - Time to Buy?

Key Points

• Galaxy Digital shares rose 6.7% to $22.50, although trading volume was 92% below the average. Analysts maintain a “Moderate Buy” consensus, with an average price target of $38.83.
• The company reported quarterly EPS of -$0.09, beating estimates of -$0.36, on $8.71 billion in revenue. Despite the earnings beat, Galaxy Digital reported negative net margin and return on equity, and analysts expect a full-year loss.
• Insider ownership stands at 51.53%; one director sold $7.2 million in shares, while another increased their position by purchasing 5,100 shares. Major institutions including Vanguard and Invesco also increased their holdings.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price traded up 6.7% on Thursday . The stock traded as high as $22.18 and last traded at $22.50. Approximately 516,477 shares were traded during trading, a decline of 92% from the average daily volume of 6,468,835 shares. The stock had previously closed at $21.08.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GLXY shares. Piper Sandler reduced their target price on Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating on the stock in a report on Friday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price objective on shares of Galaxy Digital in a research report on Friday, May 1st. Rosenblatt Securities reduced their price objective on Galaxy Digital from $39.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Citizens Jmp reissued a "market outperform" rating and issued a $55.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Finally, Morgan Stanley restated an "overweight" rating and set a $37.00 target price on shares of Galaxy Digital in a report on Wednesday, April 29th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Galaxy Digital currently has an average rating of "Moderate Buy" and an average price target of $38.83.

Galaxy Digital Trading Up 0.5%

The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The business's fifty day moving average is $25.86 and its two-hundred day moving average is $24.86. The firm has a market cap of $8.26 billion, a price-to-earnings ratio of -32.66 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.36) by $0.27. The firm had revenue of $8.71 billion for the quarter. Galaxy Digital had a negative return on equity of 6.10% and a negative net margin of 0.75%.During the same quarter in the previous year, the business posted $0.08 earnings per share. Equities analysts anticipate that Galaxy Digital Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Activity at Galaxy Digital

In related news, Director Michael D. Daffey sold 250,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the transaction, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. This represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven John Bandrowczak acquired 5,100 shares of Galaxy Digital stock in a transaction on Monday, August 10th. The stock was acquired at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the completion of the purchase, the director owned 39,186 shares of the company's stock, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Galaxy Digital by 27.5% in the fourth quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company's stock valued at $462,310,000 after buying an additional 4,463,782 shares during the period. Capital Research Global Investors acquired a new stake in Galaxy Digital in the fourth quarter worth $406,102,000. Invesco Ltd. boosted its position in shares of Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company's stock worth $68,918,000 after purchasing an additional 731,215 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Galaxy Digital by 13.0% in the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company's stock valued at $54,424,000 after buying an additional 279,818 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter valued at $48,452,000.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source