Galaxy Digital (NASDAQ:GLXY) Stock Price Down 6.8% – Here’s What Happened

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price dropped 6.8% on Monday . The company traded as low as $27.16 and last traded at $27.2780. 1,866,436 shares changed hands during trading, a decline of 71% from the average session volume of 6,402,750 shares. The stock had previously closed at $29.26.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GLXY. Morgan Stanley reiterated an “overweight” rating and set a $37.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th. The Goldman Sachs Group decreased their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Chardan Capital reiterated a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a research report on Monday, May 4th. Wall Street Zen upgraded shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a research note on Friday, April 24th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Galaxy Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.50.

Galaxy Digital Price Performance

The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a fifty day moving average price of $29.44 and a two-hundred day moving average price of $25.67. The company has a market cap of $10.72 billion and a price-to-earnings ratio of -57.18.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings results on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.10. The business had revenue of $10.21 billion for the quarter. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.During the same period in the prior year, the firm earned ($0.86) EPS. As a group, equities research analysts anticipate that Galaxy Digital Inc. will post -0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael D. Daffey sold 250,000 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the sale, the director directly owned 1,505,419 shares in the company, valued at $43,310,904.63. The trade was a 14.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew 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 worth $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Capital Research Global Investors acquired a new stake in Galaxy Digital in the fourth quarter valued at $406,102,000. Invesco Ltd. lifted its holdings in Galaxy Digital by 31.1% during the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock worth $68,918,000 after buying an additional 731,215 shares during the period. Geode Capital Management LLC grew its position in shares of Galaxy Digital by 13.0% in the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock valued at $54,424,000 after buying an additional 279,818 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Galaxy Digital in the 2nd quarter worth about $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.