Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Should You Sell?

Galaxy Digital Inc. (NASDAQ:GLXY) gapped down before the market opened on Wednesday. The stock had previously closed at $16.83, but opened at $15.53. Galaxy Digital shares last traded at $15.5560, with a volume of 1,391,580 shares changing hands.

Galaxy Digital News Roundup

Here are the key news stories impacting Galaxy Digital this week:

• Positive Sentiment: Maxim Group maintained a Buy rating and a $36 price target. Its estimates show a sharply smaller projected FY2027 loss than previously forecast and positive FY2028 earnings of $1.55 per share. Maxim Group estimates
• Positive Sentiment: A technical analysis sees a potential bullish reversal, with buyers defending support and a possible double-bottom pattern after earnings. FXEmpire price forecast
• Negative Sentiment: Insider selling is a near-term overhang: Director Medina Adams sold 12,000 shares for about $197,400, reducing her stake by roughly 10%. The latest report linked the stock’s decline to insider selling. Report on GLXY stock and insider selling

Analyst Upgrades and Downgrades

A number of analysts have commented on GLXY shares. Canaccord Genuity Group reissued a “buy” rating and set a $50.00 price objective on shares of Galaxy Digital in a report on Wednesday, October 28th. Zacks Research raised shares of Galaxy Digital from a “strong sell” rating to a “hold” rating in a research report on Friday, September 18th. HC Wainwright dropped their price objective on shares of Galaxy Digital from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Morgan Stanley lowered their price target 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, The Goldman Sachs Group set a $20.50 price objective on shares of Galaxy Digital in a report on Tuesday, October 27th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Galaxy Digital Price Performance

The firm has a market cap of $5.74 billion, a P/E ratio of -14.67 and a beta of 5.38. The business has a 50-day simple moving average of $21.54 and a 200 day simple moving average of $24.10. 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 released its earnings results on Tuesday, October 27th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.54. Galaxy Digital had a negative net margin of 0.89% and a negative return on equity of 10.30%. The firm had revenue of $8.69 billion for the quarter. On average, analysts anticipate that Galaxy Digital Inc. will post -0.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Galaxy Digital news, Director Douglas R. Deason bought 12,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was acquired at an average price of $21.54 per share, for a total transaction of $258,480.00. Following the completion of the transaction, the director directly owned 71,000 shares of the company’s stock, valued at approximately $1,529,340. This represents a 20.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Medina Adams sold 12,000 shares of the stock in a transaction on Friday, October 30th. The stock was sold at an average price of $16.45, for a total value of $197,400.00. Following the transaction, the director directly owned 107,919 shares in the company, valued at $1,775,267.55. The trade was a 10.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 51.53% of the company’s stock.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently modified their holdings of the stock. Triumph Capital Management increased its stake 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 valued at $134,000 after purchasing an additional 572 shares in the last quarter. Private Advisor Group LLC boosted its position in Galaxy Digital by 6.9% during the first 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 holdings in Galaxy Digital by 2.5% in the third 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 period. Envestnet Asset Management Inc. grew its holdings in Galaxy Digital by 5.2% in the second 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 period. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Galaxy Digital in the second quarter valued at approximately $30,000.

About Galaxy Digital

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.