Insider Selling: Galaxy Digital (NASDAQ:GLXY) Insider Sells 4,993 Shares

Galaxy Digital Inc. (NASDAQ:GLXY) insider Matthew Friedrich sold 4,993 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $27.03, for a total value of $134,960.79. Following the sale, the insider owned 275,782 shares of the company’s stock, valued at $7,454,387.46. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Galaxy Digital Trading Down 7.0%

NASDAQ:GLXY opened at $25.15 on Thursday. The stock has a market cap of $9.83 billion, a PE ratio of -38.69 and a beta of 5.10. Galaxy Digital Inc. has a fifty-two week low of $16.43 and a fifty-two week high of $45.92. 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 stock’s 50-day moving average is $23.14 and its two-hundred day moving average is $24.83.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping 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 business had revenue of $8.71 billion during the quarter. During the same quarter in the prior year, the business posted $0.08 earnings per share. As a group, equities research analysts forecast that Galaxy Digital Inc. will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLXY. JPMorgan Chase & Co. acquired a new position in shares of Galaxy Digital during the second quarter valued at about $80,000. Invesco Ltd. bought a new position in Galaxy Digital during the second quarter valued at about $53,233,000. EverSource Wealth Advisors LLC acquired a new position in Galaxy Digital in the 2nd quarter valued at approximately $116,000. First Trust Advisors LP acquired a new position in Galaxy Digital in the 2nd quarter valued at approximately $13,376,000. Finally, Cerity Partners LLC bought a new stake in shares of Galaxy Digital in the 2nd quarter worth approximately $219,000.

Analyst Ratings Changes

GLXY has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Galaxy Digital from $37.00 to $48.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. BTIG Research lowered their target price on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Citigroup cut their target price on shares of Galaxy Digital from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, August 19th. Piper Sandler decreased their price target on shares of Galaxy Digital from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Friday, July 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Galaxy Digital in a research report on Friday, August 21st. Ten research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.58.

Galaxy Digital Company Profile

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.