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

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) traded down 10.6% during mid-day trading on Friday. The stock traded as low as $16.37 and last traded at $16.3090. Approximately 4,813,409 shares changed hands during trading, a decline of 23% from the average daily volume of 6,286,573 shares. The stock had previously closed at $18.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GLXY shares. Morgan Stanley dropped their target price on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Zacks Research upgraded shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. BTIG Research lowered their price target on shares of Galaxy Digital from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Galaxy Digital from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Rosenblatt Securities dropped their price objective on shares of Galaxy Digital from $39.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $39.33.

Galaxy Digital Trading Down 12.4%

The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of -24.69 and a beta of 5.11. The business has a 50 day moving average of $22.98 and a two-hundred day moving average of $25.06. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.50 and a current ratio of 1.50.

Galaxy Digital (NASDAQ:GLXY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.27. The business had revenue of $8.71 billion during the quarter. Galaxy Digital had a negative net margin of 0.75% and a negative return on equity of 6.25%. During the same period in the previous year, the company posted $0.08 earnings per share. Equities analysts predict that Galaxy Digital Inc. will post -0.87 EPS for the current year.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason purchased 12,000 shares of Galaxy Digital stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average cost of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the purchase, the director directly owned 71,000 shares of the company’s stock, valued at $1,529,340. The trade was a 20.34% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven Bandrowczak purchased 5,100 shares of the stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $19.63 per share, for a total transaction of $100,113.00. Following the acquisition, the director directly owned 39,186 shares of the company’s stock, valued at approximately $769,221.18. This represents a 14.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 51.53% of the company’s stock.

Institutional Trading of Galaxy Digital

A number of large investors have recently made changes to their positions in GLXY. Pension & Wealth Management Advisors Inc. lifted its stake in Galaxy Digital by 37.4% in the third quarter. Pension & Wealth Management Advisors Inc. now owns 11,874 shares of the company’s stock worth $270,000 after purchasing an additional 3,231 shares during the last quarter. Sullivan Wood Capital Management LLC grew its stake in shares of Galaxy Digital by 4.0% during the third quarter. Sullivan Wood Capital Management LLC now owns 1,460,546 shares of the company’s stock valued at $33,213,000 after buying an additional 55,804 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Galaxy Digital by 1,160.8% during the third quarter. GAMMA Investing LLC now owns 2,345 shares of the company’s stock valued at $53,000 after buying an additional 2,159 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Galaxy Digital by 496.0% in the third quarter. CoreCap Advisors LLC now owns 2,211 shares of the company’s stock worth $50,000 after buying an additional 1,840 shares during the period. Finally, Versant Capital Management Inc purchased a new stake in shares of Galaxy Digital in the third quarter worth approximately $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.