Galaxy Digital (NASDAQ:GLXY) Stock Price Up 5.9% - Here's What Happened

Key Points

• Galaxy Digital shares jumped 5.9% to $25.49, despite trading volume falling 89% below its average.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $39.58, although several firms recently lowered targets or issued bearish ratings.
• The company beat quarterly EPS expectations, reporting a loss of $0.09 per share versus the anticipated $0.36 loss. Directors also increased their holdings through recent stock purchases, while major institutions added significant positions.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price shot up 5.9% on Thursday . The company traded as high as $25.77 and last traded at $25.4890. Approximately 676,757 shares were traded during trading, a decline of 89% from the average daily volume of 6,420,236 shares. The stock had previously closed at $24.06.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. 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. Zacks Research downgraded Galaxy Digital from a "hold" rating to a "strong sell" rating in a report on Monday, July 20th. Chardan Capital reissued a "buy" rating and set a $35.00 price target on shares of Galaxy Digital in a research report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Galaxy Digital in a report on Friday, August 21st. Finally, Piper Sandler lowered their price objective on shares of Galaxy Digital from $36.00 to $33.00 and set an "overweight" rating for the company in a research report on Friday, July 17th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Galaxy Digital currently has an average rating of "Moderate Buy" and a consensus price target of $39.58.

Galaxy Digital Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The company has a fifty day moving average price of $23.30 and a 200 day moving average price of $24.67. The company has a market capitalization of $10.41 billion, a P/E ratio of -41.03 and a beta of 5.10.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter. During the same quarter in the prior year, the firm earned $0.08 EPS. On average, sell-side analysts forecast that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

Insider Activity

In other news, Director Douglas R. Deason bought 12,000 shares of Galaxy Digital stock in a transaction 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 purchase, the director directly owned 71,000 shares of the company's stock, valued at approximately $1,529,340. This trade represents a 20.34% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven John Bandrowczak acquired 5,100 shares of Galaxy Digital stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $19.63 per share, with a total value of $100,113.00. Following the completion of the transaction, the director owned 39,186 shares of the company's stock, valued at approximately $769,221.18. This trade represents a 14.96% increase in their position. The SEC filing for this purchase provides additional information. 51.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors acquired a new stake in shares of Galaxy Digital during the fourth quarter worth $406,102,000. California State Teachers Retirement System increased its position in shares of Galaxy Digital by 2,735.0% in the second quarter. California State Teachers Retirement System now owns 6,074,538 shares of the company's stock worth $166,078,000 after acquiring an additional 5,860,265 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Galaxy Digital by 27.5% during 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 during the period. Invesco Ltd. purchased a new stake in shares of Galaxy Digital in the second quarter valued at $53,233,000. Finally, Tidal Investments LLC acquired a new stake in shares of Galaxy Digital in the second quarter worth $48,452,000.

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