Galaxy Digital (NASDAQ:GLXY) Shares Gap Down – Time to Sell?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY) gapped down before the market opened on Tuesday . The stock had previously closed at $34.31, but opened at $31.53. Galaxy Digital shares last traded at $32.79, with a volume of 1,873,687 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GLXY. JMP Securities set a $60.00 price objective on shares of Galaxy Digital in a research report on Tuesday, December 9th. Citigroup initiated coverage on Galaxy Digital in a report on Tuesday, December 9th. They set an “outperform” rating on the stock. Canaccord Genuity Group boosted their price target on shares of Galaxy Digital from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Rosenblatt Securities increased their price objective on shares of Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a report on Monday, October 20th. Finally, BTIG Research upped their target price on Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Galaxy Digital has a consensus rating of “Buy” and a consensus price target of $46.09.

Galaxy Digital Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market capitalization of $12.08 billion and a PE ratio of 25.77. The firm has a fifty day moving average price of $26.23 and a 200 day moving average price of $28.96.

Galaxy Digital (NASDAQ:GLXY) last posted its quarterly earnings data on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.74. The firm had revenue of $28.40 billion for the quarter, compared to analysts’ expectations of $19.85 billion. During the same period in the prior year, the company posted ($0.16) earnings per share.

Insider Activity at Galaxy Digital

In other news, Director Douglas R. Deason acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $29.59 per share, with a total value of $295,900.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $295,900. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. CWM LLC purchased a new position in shares of Galaxy Digital during the 2nd quarter valued at $26,000. Manchester Capital Management LLC purchased a new position in Galaxy Digital in the second quarter valued at about $32,000. Centerpoint Advisors LLC acquired a new position in Galaxy Digital in the 2nd quarter worth about $33,000. DHJJ Financial Advisors Ltd. purchased a new stake in shares of Galaxy Digital during the 2nd quarter worth about $34,000. Finally, North Star Investment Management Corp. acquired a new stake in shares of Galaxy Digital during the 3rd quarter valued at about $34,000.

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.