Galaxy Digital (NASDAQ:GLXY) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Galaxy Digital (NASDAQ:GLXY) issued its earnings results on Tuesday. The company reported ($1.08) earnings per share for the quarter, topping the consensus estimate of ($1.24) by $0.16, Zacks reports.

Galaxy Digital Trading Down 4.5%

Shares of GLXY stock opened at $25.25 on Tuesday. Galaxy Digital has a fifty-two week low of $8.20 and a fifty-two week high of $45.92. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The stock’s fifty day moving average is $26.99 and its two-hundred day moving average is $29.50. The firm has a market capitalization of $9.86 billion and a P/E ratio of 21.04.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Benchmark upped their target price on Galaxy Digital from $40.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Galaxy Digital in a research note on Monday, December 29th. Citigroup started coverage on Galaxy Digital in a research report on Tuesday, December 9th. They issued an “outperform” rating on the stock. JMP Securities set a $60.00 price objective on shares of Galaxy Digital in a research note on Tuesday, December 9th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $46.00 price target on shares of Galaxy Digital in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $46.42.

Insiders Place Their Bets

In related news, Director Douglas R. Deason bought 10,000 shares of the company’s stock in a transaction on Friday, November 7th. The stock was bought at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the acquisition, the director directly owned 10,000 shares in the company, valued at $295,900. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Institutional Investors Weigh In On Galaxy Digital

Several hedge funds and other institutional investors have recently made changes to their positions in GLXY. Invesco Ltd. purchased a new position in shares of Galaxy Digital in the 2nd quarter valued at $53,233,000. Tidal Investments LLC purchased a new position in shares of Galaxy Digital during the second quarter worth about $48,452,000. Jane Street Group LLC acquired a new stake in shares of Galaxy Digital during the second quarter worth about $29,114,000. Man Group plc acquired a new stake in shares of Galaxy Digital in the 3rd quarter valued at about $38,549,000. Finally, Moore Capital Management LP purchased a new position in Galaxy Digital during the 2nd quarter worth approximately $22,595,000.

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.