Galaxy Digital (NASDAQ:GLXY) Shares Down 9.1% Following Insider Selling

Galaxy Digital Inc. (NASDAQ:GLXY)’s stock price was down 9.1% on Monday following insider selling activity. The stock traded as low as $14.35 and last traded at $14.5490. 5,800,978 shares were traded during mid-day trading, a decline of 10% from the average session volume of 6,410,244 shares. The stock had previously closed at $16.00.

Specifically, Director Medina Adams sold 12,000 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 107,919 shares of the company’s stock, valued at $1,775,267.55. This trade represents a 10.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLXY shares. Maxim Group decreased their price target on shares of Galaxy Digital from $46.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. The Goldman Sachs Group set a $20.50 target price on Galaxy Digital in a research report on Tuesday, October 27th. Morgan Stanley decreased their target price on Galaxy Digital from $48.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. BTIG Research lowered their target price on shares of Galaxy Digital from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Finally, Rosenblatt Securities dropped their price target on Galaxy Digital from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, October 26th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Galaxy Digital Trading Down 8.8%

The firm has a fifty day simple moving average of $21.84 and a two-hundred day simple moving average of $24.22. The firm has a market cap of $5.70 billion, a PE ratio of -14.59 and a beta of 5.39. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 1.04.

Galaxy Digital (NASDAQ:GLXY) last posted its earnings results on Tuesday, October 27th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.29 by $0.54. The firm had revenue of $8.69 billion during the quarter. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. Equities analysts forecast that Galaxy Digital Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Galaxy Digital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Triumph Capital Management grew its position in shares of Galaxy Digital by 13.2% in the 2nd quarter. Triumph Capital Management now owns 4,893 shares of the company’s stock worth $134,000 after buying an additional 572 shares during the period. Private Advisor Group LLC boosted its stake in Galaxy Digital by 6.9% in the 1st quarter. Private Advisor Group LLC now owns 10,108 shares of the company’s stock worth $186,000 after purchasing an additional 655 shares in the last quarter. Commonwealth Equity Services LLC grew its position in Galaxy Digital by 2.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 31,541 shares of the company’s stock valued at $717,000 after purchasing an additional 767 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Galaxy Digital by 5.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 19,976 shares of the company’s stock valued at $546,000 after purchasing an additional 994 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Galaxy Digital during the 2nd quarter valued at about $30,000.

Galaxy Digital Company Profile

Galaxy Digital is a financial services and investment management company focused on digital assets and blockchain technology. Founded in 2018 by Michael Novogratz, the company provides institutional investors, corporations and other market participants with services spanning trading, asset management, investment banking, principal investments and venture capital.

Its offerings include spot and derivatives trading, lending and structured products, digital-asset funds and separately managed accounts, as well as advisory services for mergers, acquisitions, capital raising and other strategic transactions.