Galaxy Digital (NASDAQ:GLXY) Stock Price Down 10.6% – Time to Sell?

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price dropped 10.6% on Friday. The company traded as low as $16.37 and last traded at $16.3090. 4,813,409 shares traded hands during trading, a decline of 23% from the average session volume of 6,286,573 shares. The stock had previously closed at $18.25.

Analysts Set New Price Targets

GLXY has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Piper Sandler decreased their price objective on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating on the stock in a report on Friday, July 17th. Rosenblatt Securities decreased their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Morgan Stanley lowered their target price on shares of Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating on the stock in a research report on Friday, October 9th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of Galaxy Digital in a report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.33.

Galaxy Digital Trading Down 12.4%

The company has a debt-to-equity ratio of 1.04, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market cap of $6.25 billion, a price-to-earnings ratio of -24.69 and a beta of 5.11. The business’s 50-day simple moving average is $22.98 and its 200-day simple moving average is $25.06.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.27. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. The company had revenue of $8.71 billion for the quarter. During the same period last year, the company earned $0.08 EPS. Research analysts predict that Galaxy Digital Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Matthew Friedrich sold 4,993 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total transaction of $134,960.79. Following the sale, the insider directly owned 275,782 shares in the company, valued at approximately $7,454,387.46. This represents a 1.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Deason purchased 12,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the acquisition, the director owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. The trade was a 20.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 51.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Galaxy Digital

Several large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in Galaxy Digital in the 2nd quarter valued at $30,000. Hollencrest Capital Management lifted its stake in Galaxy Digital by 204.0% in the first quarter. Hollencrest Capital Management now owns 2,584 shares of the company’s stock valued at $48,000 after buying an additional 1,734 shares in the last quarter. CoreCap Advisors LLC raised its stake in shares of Galaxy Digital by 496.0% in the 3rd quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock valued at $50,000 after purchasing an additional 1,840 shares during the period. GAMMA Investing LLC lifted its stake in Galaxy Digital by 1,160.8% in the 3rd quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock valued at $53,000 after acquiring an additional 2,159 shares in the last quarter. Finally, Versant Capital Management Inc bought a new stake in Galaxy Digital during the third quarter worth $72,000.

Galaxy Digital Company Profile

Galaxy Digital (NASDAQ: GLXY) is a financial services and investment management company focused on digital assets, blockchain technology and related infrastructure. Founded in 2018 by Michael Novogratz, the company provides institutional clients with access to the digital asset ecosystem through trading, investment banking, asset management and principal investing activities.

Its services include spot and derivatives trading, lending and structured products, market making, capital raising and strategic advisory services for companies in the digital asset and blockchain sectors.