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Shares are a bargain after second-quarter earnings sent the stock down roughly 16%, says Benchmark analyst Mark Palmer.

Galaxy Digital shares are a bargain after disappointing second-quarter earnings sent the stock down roughly 16%, according to an Aug. 1 analyst report shared with Cointelegraph. 

Investors retreated from the stock after Galaxy revealed a series of bearish metrics during its second-quarter earnings call. According to the report, which was penned by Benchmark fintech analyst Mark Palmer, these included a larger-than-expected net loss, a decline in counterparty trading revenue and a nearly 8% drop in book value per share.

According to Palmer, the stock route ignores “several positive developments in the build-out of the company’s institutional digital asset platform” and progress on other “key initiatives, including its ongoing effort to uplist its stock to the Nasdaq in the U.S., and its plans to expand and monetize the high-voltage power capacity at its flagship Helios data center in Dickens County, Texas.”

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