Galaxy Digital (NASDAQ:GLXY) Stock Price Down 5.2% – Should You Sell?

Galaxy Digital Inc. (NASDAQ:GLXY) shares dropped 5.2% during trading on Friday . The stock traded as low as $26.00 and last traded at $26.15. Approximately 883,479 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 5,193,618 shares. The stock had previously closed at $27.57.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GLXY shares. Wall Street Zen upgraded Galaxy Digital from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Rosenblatt Securities boosted their price objective on Galaxy Digital from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, October 20th. The Goldman Sachs Group set a $30.00 target price on shares of Galaxy Digital in a report on Friday, November 21st. BTIG Research lifted their target price on shares of Galaxy Digital from $35.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Finally, Canaccord Genuity Group increased their price target on shares of Galaxy Digital from $34.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $43.33.

Galaxy Digital Trading Down 6.0%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market capitalization of $10.12 billion and a PE ratio of 21.60. The stock’s 50-day simple moving average is $33.15 and its 200-day simple moving average is $27.55.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, CEO Michael Novogratz sold 3,000,000 shares of the firm’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $36.00, for a total value of $108,000,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas R. Deason acquired 10,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were purchased at an average cost of $29.59 per share, for a total transaction of $295,900.00. Following the completion of the transaction, the director owned 10,000 shares in the company, valued at approximately $295,900. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 3,783,333 shares of company stock valued at $135,994,323 in the last three months.

Institutional Trading of Galaxy Digital

A number of hedge funds have recently modified their holdings of GLXY. Harbour Capital Advisors LLC bought a new position in shares of Galaxy Digital in the 2nd quarter worth about $349,000. AdvisorNet Financial Inc bought a new stake in Galaxy Digital during the second quarter worth about $125,000. SJS Investment Consulting Inc. purchased a new stake in Galaxy Digital in the second quarter worth about $77,000. Accurate Wealth Management LLC bought a new position in shares of Galaxy Digital during the second quarter valued at approximately $440,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Galaxy Digital during the second quarter valued at approximately $79,000.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.