Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Here’s Why

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $22.14, but opened at $20.48. Galaxy Digital shares last traded at $20.22, with a volume of 2,729,288 shares.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GLXY shares. BTIG Research restated a “buy” rating and set a $50.00 target price on shares of Galaxy Digital in a research note on Thursday, May 21st. Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. The Goldman Sachs Group cut their price target on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. Weiss Ratings downgraded shares of Galaxy Digital from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. Finally, Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.25.

Galaxy Digital Price Performance

The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a 50 day simple moving average of $27.03 and a 200-day simple moving average of $25.40. The stock has a market cap of $7.48 billion, a price-to-earnings ratio of -39.98 and a beta of 5.06.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.27. Galaxy Digital had a negative return on equity of 2.30% and a negative net margin of 0.54%.The business had revenue of $8.71 billion during the quarter. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, research analysts anticipate that Galaxy Digital Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of Galaxy Digital stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the transaction, the director directly owned 1,505,419 shares of the company’s stock, valued at approximately $43,310,904.63. The trade was a 14.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its holdings in shares of Galaxy Digital by 183.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock valued at $32,000 after purchasing an additional 928 shares during the last quarter. Picton Mahoney Asset Management grew its stake in Galaxy Digital by 200.0% during the 4th quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after buying an additional 1,000 shares during the last quarter. Danske Bank A S acquired a new stake in Galaxy Digital in the fourth quarter worth $36,000. Northwestern Mutual Wealth Management Co. bought a new stake in Galaxy Digital in the fourth quarter valued at $46,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Galaxy Digital during the fourth quarter valued at $49,000.

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.