Wall Street Zen Downgrades Galaxy Digital (NASDAQ:GLXY) to Sell

Galaxy Digital (NASDAQ:GLXY) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently weighed in on GLXY. Morgan Stanley decreased their price objective on shares of Galaxy Digital from $43.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Rosenblatt Securities restated a “buy” rating and issued a $46.00 price target on shares of Galaxy Digital in a research note on Friday, January 30th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, January 30th. Cantor Fitzgerald dropped their price objective on Galaxy Digital from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. Finally, Citigroup initiated coverage on Galaxy Digital in a research note on Wednesday. They set a “neutral” rating and a $25.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.54.

Galaxy Digital Trading Down 6.2%

Galaxy Digital stock opened at $20.59 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.36. Galaxy Digital has a 12 month low of $8.20 and a 12 month high of $45.92. The stock’s 50 day simple moving average is $25.05 and its two-hundred day simple moving average is $28.48. The firm has a market cap of $8.04 billion and a PE ratio of 171.58.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, beating the consensus estimate of ($1.24) by $0.16. The firm had revenue of $10.37 billion for the quarter, compared to analysts’ expectations of $13.08 billion.

Insiders Place Their Bets

In other Galaxy Digital news, Director Douglas R. Deason bought 25,000 shares of the stock in a transaction on Wednesday, February 4th. The shares were bought at an average price of $20.80 per share, with a total value of $520,000.00. Following the purchase, the director directly owned 59,000 shares in the company, valued at $1,227,200. This trade represents a 73.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds have recently modified their holdings of GLXY. Virtu Financial LLC purchased a new position in Galaxy Digital during the fourth quarter worth about $1,181,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of Galaxy Digital during the 4th quarter valued at approximately $154,000. Invesco Ltd. lifted its holdings in Galaxy Digital by 31.1% in the fourth quarter. Invesco Ltd. now owns 3,082,187 shares of the company’s stock valued at $68,918,000 after acquiring an additional 731,215 shares during the last quarter. Feynman Point Asset Management LLC purchased a new position in Galaxy Digital in the fourth quarter worth approximately $1,029,000. Finally, Vident Advisory LLC grew its position in Galaxy Digital by 5.0% in the fourth quarter. Vident Advisory LLC now owns 134,369 shares of the company’s stock worth $3,007,000 after acquiring an additional 6,430 shares during the period.

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.