Galaxy Digital (NASDAQ:GLXY) Shares Down 7.1% – What’s Next?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price fell 7.1% during mid-day trading on Friday . The company traded as low as $18.38 and last traded at $18.2090. 1,082,314 shares changed hands during trading, a decline of 83% from the average session volume of 6,450,029 shares. The stock had previously closed at $19.61.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GLXY shares. Cantor Fitzgerald dropped their target price on shares of Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, February 2nd. BTIG Research reiterated a “buy” rating and set a $50.00 price target on shares of Galaxy Digital in a research report on Tuesday, March 10th. Canaccord Genuity Group restated a “buy” rating and issued a $50.00 price objective on shares of Galaxy Digital in a report on Friday, January 30th. Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 price objective on shares of Galaxy Digital in a research report on Wednesday, February 4th. Finally, Morgan Stanley reduced their target price on Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.77.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.60 and a current ratio of 1.60. The business’s 50-day moving average is $23.74 and its 200-day moving average is $28.04. The company has a market capitalization of $7.08 billion and a PE ratio of 151.70.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.24) by $0.16. The business had revenue of $10.22 billion during the quarter, compared to analysts’ expectations of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason acquired 25,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, February 4th. The stock was bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the transaction, the director directly owned 59,000 shares in the company, valued at approximately $1,227,200. This represents a 73.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC purchased a new position in shares of Galaxy Digital in the 4th quarter worth about $958,000. Caitong International Asset Management Co. Ltd boosted its stake in Galaxy Digital by 8,070.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 41,340 shares of the company’s stock worth $924,000 after purchasing an additional 40,834 shares in the last quarter. Virtu Financial LLC purchased a new stake in Galaxy Digital during the 4th quarter valued at about $1,181,000. Mcguire Capital Advisors Inc. bought a new stake in Galaxy Digital during the 4th quarter valued at about $154,000. Finally, Invesco Ltd. increased its stake in Galaxy Digital by 31.1% during the 4th quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after purchasing an additional 731,215 shares in the last quarter.

About Galaxy Digital

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.