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

Zacks Research lowered shares of Galaxy Digital (NASDAQ:GLXY) from a hold rating to a strong sell rating in a research note published on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Galaxy Digital from a “strong sell” rating to a “sell” rating in a report on Saturday, May 2nd. BTIG Research reissued a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a research note on Thursday, May 21st. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price objective on shares of Galaxy Digital in a research note on Thursday, April 23rd. The Goldman Sachs Group reduced their target price on Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, April 8th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $35.00 price target on shares of Galaxy Digital in a report on Monday, May 4th. Eleven 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’s stock. According to MarketBeat, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus target price of $39.62.

Galaxy Digital Trading Down 2.4%

Shares of GLXY opened at $24.79 on Monday. The business’s 50-day moving average price is $28.35 and its 200-day moving average price is $25.67. Galaxy Digital has a twelve month low of $16.43 and a twelve month high of $45.92. The stock has a market cap of $9.67 billion, a PE ratio of -51.64 and a beta of 4.84. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.94.

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

Insider Transactions at Galaxy Digital

In other news, Director Michael D. Daffey sold 250,000 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 1,505,419 shares in the company, valued at approximately $43,310,904.63. This represents a 14.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 51.53% of the stock is currently owned by company insiders.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently bought and sold shares of GLXY. Caitong International Asset Management Co. Ltd grew its position in 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 acquiring an additional 928 shares during the last quarter. Picton Mahoney Asset Management raised its stake in shares of Galaxy Digital by 200.0% during the fourth quarter. Picton Mahoney Asset Management now owns 1,500 shares of the company’s stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Danske Bank A S bought a new stake in shares of Galaxy Digital in the 4th quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Galaxy Digital in the 4th quarter valued at $46,000. Finally, Hollencrest Capital Management grew its holdings in shares of Galaxy Digital by 204.0% during the 1st quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after purchasing an additional 1,734 shares during the last quarter.

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.