Van ECK Associates Corp Decreases Holdings in Galaxy Digital Inc. $GLXY

Van ECK Associates Corp lowered its stake in shares of Galaxy Digital Inc. (NASDAQ:GLXY) by 20.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,453,735 shares of the company’s stock after selling 374,671 shares during the period. Van ECK Associates Corp’s holdings in Galaxy Digital were worth $39,745,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its position in shares of Galaxy Digital by 183.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,434 shares of the company’s stock worth $32,000 after purchasing an additional 928 shares during the last quarter. Picton Mahoney Asset Management increased 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 in the last quarter. Danske Bank A S purchased a new stake in Galaxy Digital during the 4th quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Galaxy Digital during the fourth quarter valued at approximately $46,000. Finally, Hollencrest Capital Management raised its holdings in shares of Galaxy Digital by 204.0% during the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after acquiring an additional 1,734 shares during the last quarter.

Galaxy Digital Trading Down 8.2%

Shares of Galaxy Digital stock opened at $23.21 on Friday. 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 stock’s 50 day simple moving average is $23.72 and its 200-day simple moving average is $24.57. The stock has a market cap of $9.07 billion, a P/E ratio of -35.71 and a beta of 5.06. Galaxy Digital Inc. has a 1-year low of $16.43 and a 1-year high of $45.92.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $8.71 billion during the quarter. During the same period in the prior year, the business posted $0.08 EPS. Analysts predict that Galaxy Digital Inc. will post -0.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GLXY. BTIG Research lowered their price target on Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Wall Street Zen upgraded Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. Chardan Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of Galaxy Digital in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galaxy Digital in a report on Friday, August 21st. Finally, Zacks Research lowered shares of Galaxy Digital from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Galaxy Digital has an average rating of “Moderate Buy” and a consensus target price of $38.67.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason purchased 12,000 shares of Galaxy Digital stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the acquisition, the director directly owned 71,000 shares in the company, valued at approximately $1,529,340. The trade was a 20.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven John Bandrowczak purchased 5,100 shares of the stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the transaction, the director owned 39,186 shares in the company, valued at approximately $769,221.18. The trade was a 14.96% increase in their position. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is owned by corporate insiders.

Galaxy Digital 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.