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

Key Points

• Galaxy Digital shares fell 3.2%, opening at $23.86 after previously closing at $24.79, and last traded near $24.37. The stock has a market capitalization of approximately $9.38 billion and a high beta of 5.06.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus from MarketBeat and an average price target of $38.67, although some firms recently downgraded the stock to “sell” or “strong sell.”
• Galaxy Digital exceeded quarterly earnings expectations, reporting a loss of $0.09 per share versus the projected $0.36 loss. Meanwhile, company directors bought shares, and insiders collectively own 51.53% of the stock.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $24.79, but opened at $23.86. Galaxy Digital shares last traded at $24.3650, with a volume of 385,335 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Citizens Jmp reiterated a "market outperform" rating and set a $55.00 price objective on shares of Galaxy Digital in a research note on Wednesday, April 29th. Wall Street Zen upgraded shares of Galaxy Digital from a "strong sell" rating to a "sell" rating in a report on Saturday, May 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Galaxy Digital in a research report on Friday. Zacks Research downgraded Galaxy Digital from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Finally, Chardan Capital restated a "buy" rating and set a $35.00 price objective on shares of Galaxy Digital in a research note on Wednesday, August 5th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $38.67.

Galaxy Digital Stock Down 3.2%

The firm's 50 day moving average price is $24.29 and its two-hundred day moving average price is $24.49. The firm has a market capitalization of $9.38 billion, a PE ratio of -36.90 and a beta of 5.06. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping 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 business had revenue of $8.71 billion for the quarter. During the same quarter last year, the firm posted $0.08 EPS. As a group, research analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven John Bandrowczak purchased 5,100 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average cost of $19.63 per share, with a total value of $100,113.00. Following the completion of the acquisition, the director directly 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. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Douglas R. Deason acquired 12,000 shares of Galaxy Digital stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the purchase, the director directly owned 71,000 shares in the company, valued at $1,529,340. The trade was 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 currently owned by insiders.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds have recently bought and sold shares of GLXY. Vanguard Group Inc. boosted its holdings in shares of 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 acquiring an additional 4,463,782 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Galaxy Digital by 184.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 80,708 shares of the company's stock valued at $1,808,000 after acquiring an additional 52,334 shares during the period. Encompass More Asset Management bought a new stake in Galaxy Digital during the fourth quarter worth approximately $896,000. Riposte Capital LLC bought a new stake in Galaxy Digital during the first quarter worth approximately $2,952,000. Finally, Bank of America Corp DE lifted its position in 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 purchasing an additional 298,781 shares during the period.

Galaxy Digital Company Profile

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