Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Time to Sell?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price gapped down before the market opened on Thursday. The stock had previously closed at $15.97, but opened at $14.76. Galaxy Digital shares last traded at $14.7310, with a volume of 1,182,605 shares trading hands.

Analyst Ratings Changes

GLXY has been the topic of a number of analyst reports. Citigroup raised shares of Galaxy Digital from a “neutral” rating to a “buy” rating and upped their target price for the stock from $26.00 to $28.00 in a report on Tuesday, October 13th. The Goldman Sachs Group set a $20.50 price target on shares of Galaxy Digital in a research report on Tuesday, October 27th. HC Wainwright decreased their price target on shares of Galaxy Digital from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Wednesday, October 28th. Finally, Rosenblatt Securities lowered their price objective on Galaxy Digital from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, October 26th. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.96.

Galaxy Digital Stock Performance

The company’s 50-day moving average is $20.33 and its two-hundred day moving average is $23.56. The company has a market capitalization of $5.99 billion, a P/E ratio of -15.33 and a beta of 5.38. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY) last announced its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The business had revenue of $8.69 billion during the quarter.

Insider Transactions at Galaxy Digital

In other news, Director Medina Adams sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $16.45, for a total value of $197,400.00. Following the completion of the sale, the director directly owned 107,919 shares in the company, valued at approximately $1,775,267.55. The trade was a 10.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Friedrich sold 4,993 shares of the business’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $27.03, for a total value of $134,960.79. Following the completion of the sale, the insider directly owned 275,782 shares of the company’s stock, valued at approximately $7,454,387.46. This trade represents a 1.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 51.53% of the stock is owned by insiders.

Institutional Trading of Galaxy Digital

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its holdings in shares of Galaxy Digital by 6.2% during the 3rd quarter. State Street Corp now owns 4,071,024 shares of the company’s stock worth $92,575,000 after acquiring an additional 237,031 shares during the period. Cornerstone Select Advisors LLC boosted its position in shares of Galaxy Digital by 2.4% during the third quarter. Cornerstone Select Advisors LLC now owns 35,900 shares of the company’s stock valued at $816,000 after purchasing an additional 850 shares in the last quarter. Voya Investment Management LLC grew its stake in Galaxy Digital by 22.6% in the third quarter. Voya Investment Management LLC now owns 257,519 shares of the company’s stock worth $5,856,000 after purchasing an additional 47,400 shares during the period. Phoenix Financial Ltd. grew its stake in Galaxy Digital by 17.8% in the third quarter. Phoenix Financial Ltd. now owns 10,200 shares of the company’s stock worth $233,000 after purchasing an additional 1,541 shares during the period. Finally, New York Life Investment Management LLC bought a new position in Galaxy Digital in the third quarter worth $656,000.

About Galaxy Digital

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Its businesses include trading and other financial services for institutions, investment and asset management, and digital infrastructure, including data center and bitcoin mining operations. Founded in 2018 by Michael Novogratz, the company serves institutional clients and investors in the United States and other markets. Novogratz is Galaxy’s founder and chief executive officer.