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

Key Points

• Galaxy Digital shares hit a new 52-week low, trading as low as $15.03 and recently at $15.76, well below their 50-day and 200-day moving averages of $22.74 and $25.02.
• Analysts remain broadly optimistic despite recent target cuts: the stock has a “Moderate Buy” consensus rating from 11 Buy and three Hold ratings, with an average price target of $38.67.
• Recent quarterly results beat expectations, with an adjusted loss of $0.09 per share versus the $0.36 consensus loss estimate. Directors also purchased shares, while institutional investors including State Street and Bank of America increased their holdings.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price reached a new 52-week low on Wednesday. The stock traded as low as $15.03 and last traded at $15.76, with a volume of 10,430,955 shares trading hands. The stock had previously closed at $15.72.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler lowered their price target on shares of Galaxy Digital from $33.00 to $25.00 and set an "overweight" rating on the stock in a report on Tuesday. Chardan Capital reaffirmed a "buy" rating and issued a $35.00 price target on shares of Galaxy Digital in a research note on Wednesday, August 5th. BTIG Research cut their price objective on Galaxy Digital from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Weiss Ratings upgraded Galaxy Digital from a "sell (d-)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Finally, Citigroup raised Galaxy Digital from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $26.00 to $28.00 in a research report on Tuesday, October 13th. Eleven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Galaxy Digital currently has a consensus rating of "Moderate Buy" and an average target price of $38.67.

Galaxy Digital Price Performance

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 business has a 50-day simple moving average of $22.74 and a 200-day simple moving average of $25.02.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 6.25% and a negative net margin of 0.75%. The company had revenue of $8.71 billion for the quarter. During the same quarter last year, the business earned $0.08 EPS. As a group, equities analysts predict that Galaxy Digital Inc. will post -0.71 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Steven Bandrowczak bought 5,100 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director directly owned 39,186 shares of the company's stock, valued at $769,221.18. The trade was a 14.96% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Douglas R. Deason bought 12,000 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the acquisition, the director directly owned 71,000 shares in the company, valued at approximately $1,529,340. This trade represents a 20.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 51.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in Galaxy Digital by 99.7% during the 2nd quarter. State Street Corp now owns 3,833,993 shares of the company's stock valued at $104,821,000 after purchasing an additional 1,913,688 shares during the period. Moore Capital Management LP grew its holdings in Galaxy Digital by 52.9% in the 2nd quarter. Moore Capital Management LP now owns 2,082,250 shares of the company's stock valued at $56,929,000 after buying an additional 720,000 shares during the last quarter. Sullivan Wood Capital Management LLC increased its position in Galaxy Digital by 4.0% in the 3rd quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company's stock worth $33,213,000 after buying an additional 55,804 shares during the period. Bank of America Corp DE lifted its holdings in shares of Galaxy Digital by 112.4% during the second quarter. Bank of America Corp DE now owns 1,145,172 shares of the company's stock worth $31,309,000 after buying an additional 605,986 shares during the last quarter. Finally, Anson Funds Management LP bought a new stake in shares of Galaxy Digital in the first quarter valued at approximately $11,070,000.

About Galaxy Digital

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.

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.