Galaxy Digital (NASDAQ:GLXY) Sets New 52-Week Low - Here's What Happened

Key Points

• Galaxy Digital shares fell 5.2%, reaching a new 52-week low of $16.43 and last trading at $16.63, well below its 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a generally positive outlook: 11 rate the stock Buy and three rate it Hold, producing a “Moderate Buy” consensus and an average price target of $39.33.
• The company reported quarterly EPS of negative $0.09, beating estimates of negative $0.36, but remains unprofitable; an insider sold shares while a director purchased stock, and institutional investors including State Street increased their holdings.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) reached a new 52-week low during trading on Thursday. The company traded as low as $16.43 and last traded at $16.63, with a volume of 1,131,994 shares traded. The stock had previously closed at $17.93.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GLXY shares. Piper Sandler cut their target price on shares of Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating for the company in a research note on Friday, July 17th. Weiss Ratings upgraded shares of Galaxy Digital from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, October 8th. Citigroup upgraded shares of Galaxy Digital from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $26.00 to $28.00 in a research report on Tuesday. Morgan Stanley dropped their price target on Galaxy Digital from $48.00 to $43.00 and set an "overweight" rating on the stock in a report on Friday, October 9th. Finally, Zacks Research upgraded Galaxy Digital from a "strong sell" rating to a "hold" rating in a research report on Friday, September 18th. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $39.33.

Galaxy Digital Trading Down 5.2%

The company has a fifty day simple moving average of $23.01 and a 200-day simple moving average of $25.06. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of -26.01 and a beta of 5.11.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last posted 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. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion during the quarter. During the same period in the prior year, the company posted $0.08 earnings per share. On average, research analysts forecast that Galaxy Digital Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Matthew Friedrich sold 4,993 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the sale, the insider owned 275,782 shares in the company, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Bandrowczak purchased 5,100 shares of Galaxy Digital stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $19.63 per share, with a total value of $100,113.00. Following the transaction, the director owned 39,186 shares in the company, valued at $769,221.18. This represents 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 company insiders.

Institutional Trading of Galaxy Digital

Hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Galaxy Digital during the 2nd quarter valued at $1,456,000. Riposte Capital LLC purchased a new position in shares of Galaxy Digital during the 1st quarter valued at $2,952,000. Engineers Gate Manager LP purchased a new position in shares of Galaxy Digital during the 2nd quarter valued at $1,227,000. Bank of America Corp DE increased its stake in shares of Galaxy Digital by 124.3% in the first quarter. Bank of America Corp DE now owns 539,186 shares of the company's stock worth $9,948,000 after acquiring an additional 298,781 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Galaxy Digital by 99.7% in the second quarter. State Street Corp now owns 3,833,993 shares of the company's stock worth $104,821,000 after acquiring an additional 1,913,688 shares during the last quarter.

About Galaxy Digital

Galaxy Digital NASDAQ: GLXY is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.

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