Galaxy Digital (NASDAQ:GLXY) Reaches New 1-Year Low - What's Next?

Key Points

• Galaxy Digital hit a new 52-week low, trading as low as $13.42 and down 7.4% in the session.
• Analysts maintain a Moderate Buy consensus, with an average price target of $35.29; ratings include 11 Buys, two Holds and one Sell.
• The company reported quarterly earnings of $0.83 per share, beating the $0.29 consensus estimate, on revenue of $8.69 billion.

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

Analysts Set New Price Targets

GLXY has been the subject of several analyst reports. Citigroup upgraded Galaxy Digital from a "neutral" rating to a "buy" rating and upped their price target for the stock from $26.00 to $28.00 in a research note on Tuesday, October 13th. Canaccord Genuity Group restated a "buy" rating and set a $50.00 target price on shares of Galaxy Digital in a research report on Wednesday, October 28th. Chardan Capital reiterated a "buy" rating and issued a $35.00 price objective on shares of Galaxy Digital in a research note on Tuesday, October 27th. Rosenblatt Securities dropped their price target on Galaxy Digital from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, October 26th. Finally, The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research note on Tuesday, October 27th. 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 an average price target of $35.29.

Galaxy Digital Stock Down 7.4%

The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of -13.20 and a beta of 5.38. The firm's fifty day simple moving average is $21.33 and its 200 day simple moving average is $24.01. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative return on equity of 10.30% and a negative net margin of 0.89%. The business had revenue of $8.69 billion for the quarter. On average, sell-side analysts forecast that Galaxy Digital Inc. will post -0.07 earnings per share for the current year.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason purchased 12,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average cost of $21.54 per share, with a total value of $258,480.00. Following the completion of the acquisition, the director directly owned 71,000 shares of the company's stock, valued at $1,529,340. This trade represents a 20.34% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Medina Adams sold 12,000 shares of the company's stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $16.45, for a total value of $197,400.00. Following the completion of the sale, the director directly owned 107,919 shares of the company's stock, valued at approximately $1,775,267.55. This trade represents a 10.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 51.53% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Triumph Capital Management raised its position in Galaxy Digital by 13.2% during the second quarter. Triumph Capital Management now owns 4,893 shares of the company's stock worth $134,000 after acquiring an additional 572 shares in the last quarter. Private Advisor Group LLC boosted its position in Galaxy Digital by 6.9% during the first quarter. Private Advisor Group LLC now owns 10,108 shares of the company's stock worth $186,000 after purchasing an additional 655 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Galaxy Digital by 2.5% in the third quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company's stock valued at $717,000 after purchasing an additional 767 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Galaxy Digital by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company's stock valued at $546,000 after purchasing an additional 994 shares during the period. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Galaxy Digital in the second quarter valued at about $30,000.

Galaxy Digital Company Profile

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.

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