Copyright Benzinga
Galaxy Digital Inc (NASDAQ:GLXY) shares are trading lower on Wednesday afternoon, caught in a broad market sell-off. Major indexes fell after a Netflix earnings miss and soft guidance from Texas Instruments soured investor sentiment. Weighing further on the market was a Reuters report that the U.S. is considering additional curbs on exports to China. GLXY is taking a hit from negative sentiment. Check the full analysis here. What Else: The digital asset-focused firm's decline on Wednesday comes even as CEO Mike Novogratz outlined a potential breakout for Bitcoin (CRYPTO: BTC) past $125,000, contingent on friendly moves from the Federal Reserve. However, Bitcoin is currently testing key technical support around $108,000. Despite the macroeconomic headwinds, Galaxy on Tuesday posted a strong third quarter, with record results in its digital assets operating business driving adjusted earnings of $1.12 per share. The company’s digital asset trading volumes surged 140% compared to the second quarter, and it ended the period with nearly $9 billion in assets under management. Benzinga Edge Rankings: According to Benzinga Edge data, Galaxy Digital has a positive short, medium and long-term price trend. GLXY Price Action: Galaxy shares closed Wednesday down 12.88% at $37.34 at the time of publication, according to data from Benzinga Pro. The stock is trading within its 52-week range of $17.39 to $45.92. Currently, Galaxy is trading approximately 18% above its 50-day moving average of $31.52, indicating that while the stock has experienced a sharp decline, it remains in a bullish trend over the medium term. The relative strength index (RSI) stands at 65.27, suggesting that the stock is neither overbought nor oversold, which may indicate potential for a rebound if buying interest returns. Read Also: Tesla Analyst Says Elon Musk Will ‘Be Heavy On Optimism And Light On Truth’ For Q3 Earnings Call How To Buy GLXY Stock Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For Galaxy Digital, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment. Image: Shutterstock
