Galaxy Digital (NASDAQ:GLXY) Cut to Strong Sell at Zacks Research

Galaxy Digital (NASDAQ:GLXY) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Citizens Jmp reissued a “market outperform” rating and issued a $55.00 price target on shares of Galaxy Digital in a research report on Wednesday, April 29th. Piper Sandler reduced their price objective on Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a research report on Friday. Canaccord Genuity Group reiterated a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Friday, April 24th. Chardan Capital reissued a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a report on Monday, May 4th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $37.00 target price on shares of Galaxy Digital in a research note on Wednesday, April 29th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.29.

Galaxy Digital Trading Up 7.4%

Shares of NASDAQ GLXY opened at $25.41 on Monday. Galaxy Digital has a 1 year low of $16.43 and a 1 year high of $45.92. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.70 and a quick ratio of 1.70. The firm has a 50-day moving average of $28.47 and a 200 day moving average of $25.65. The stock has a market cap of $9.91 billion, a P/E ratio of -52.94 and a beta of 4.84.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. The business had revenue of $10.21 billion for the quarter. During the same quarter last year, the company posted ($0.86) EPS. As a group, sell-side analysts expect that Galaxy Digital will post -0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 1,505,419 shares of the company’s stock, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 51.53% of the stock is currently owned by insiders.

Institutional Trading of Galaxy Digital

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake 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 worth $462,310,000 after purchasing an additional 4,463,782 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Galaxy Digital during the fourth quarter valued at $406,102,000. Invesco Ltd. boosted its position in shares of Galaxy Digital by 31.1% during the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after buying an additional 731,215 shares during the last quarter. Geode Capital Management LLC increased its holdings in Galaxy Digital by 13.0% in the 4th quarter. Geode Capital Management LLC now owns 2,433,242 shares of the company’s stock worth $54,424,000 after buying an additional 279,818 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in 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.