Galaxy Digital (NASDAQ:GLXY) Trading Down 11.1% – Time to Sell?

Galaxy Digital Inc. (NASDAQ:GLXY)’s share price fell 11.1% during mid-day trading on Tuesday . The stock traded as low as $20.43 and last traded at $20.1720. 831,092 shares traded hands during trading, a decline of 87% from the average session volume of 6,375,773 shares. The stock had previously closed at $22.70.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GLXY shares. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of Galaxy Digital in a report on Monday, May 4th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Galaxy Digital in a report on Friday, April 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Galaxy Digital in a research note on Friday, May 1st. The Goldman Sachs Group cut their price objective on shares of Galaxy Digital from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, April 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $37.00 price objective on shares of Galaxy Digital in a research report on Wednesday, April 29th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Galaxy Digital presently has an average rating of “Moderate Buy” and a consensus price target of $39.62.

Galaxy Digital Stock Down 12.8%

The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $7.12 billion, a price-to-earnings ratio of -38.04 and a beta of 4.84. The firm’s 50 day simple moving average is $27.63 and its 200-day simple moving average is $25.54.

Galaxy Digital (NASDAQ:GLXY) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.10. Galaxy Digital had a negative net margin of 0.54% and a negative return on equity of 2.30%. The company had revenue of $10.21 billion during the quarter. During the same quarter in the previous year, the company posted ($0.86) EPS. On average, sell-side analysts anticipate that Galaxy Digital Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity

In other news, Director Michael D. Daffey sold 250,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $28.77, for a total value of $7,192,500.00. Following the completion of the sale, the director directly owned 1,505,419 shares of the company’s stock, valued at $43,310,904.63. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 51.53% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Capital Research Global Investors purchased a new stake in Galaxy Digital during the fourth quarter worth about $406,102,000. Vanguard Group Inc. boosted its position in shares of Galaxy Digital by 27.5% in the 4th quarter. Vanguard Group Inc. now owns 20,669,893 shares of the company’s stock worth $462,310,000 after buying an additional 4,463,782 shares in the last quarter. Invesco Ltd. acquired a new stake in Galaxy Digital in the 2nd quarter valued at about $53,233,000. Tidal Investments LLC purchased a new position in Galaxy Digital during the 2nd quarter valued at about $48,452,000. Finally, Norges Bank purchased a new stake in shares of Galaxy Digital in the fourth quarter valued at about $32,045,000.

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.