Galaxy Digital (NASDAQ:GLXY) Trading Down 6.3% - What's Next?

Shares of Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report) were down 6.3% during trading on Monday . The company traded as low as $20.16 and last traded at $20.39. Approximately 827,864 shares changed hands during trading, a decline of 53% from the average daily volume of 1,765,034 shares. The stock had previously closed at $21.75.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GLXY. Atb Cap Markets raised shares of Galaxy Digital to a "strong-buy" rating in a research note on Tuesday, May 20th. Rosenblatt Securities began coverage on shares of Galaxy Digital in a research report on Tuesday, June 24th. They set a "buy" rating and a $25.00 target price for the company. Canaccord Genuity Group restated a "buy" rating and set a $33.00 target price on shares of Galaxy Digital in a research report on Thursday, July 3rd. HC Wainwright upgraded shares of Galaxy Digital to a "strong-buy" rating in a research report on Friday, May 16th. Finally, Wall Street Zen upgraded shares of Galaxy Digital to a "sell" rating in a research report on Saturday, May 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Galaxy Digital presently has an average rating of "Buy" and an average price target of $29.00.

Galaxy Digital Stock Up 1.2%

Insider Buying and Selling at Galaxy Digital

In other Galaxy Digital news, CEO Michael Novogratz sold 4,380,967 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $18.10, for a total value of $79,295,502.70. Following the transaction, the chief executive officer owned 348,921 shares of the company's stock, valued at $6,315,470.10. This represents a 92.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Erin Elizabeth Brown sold 353,956 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $18.10, for a total transaction of $6,406,603.60. Following the completion of the transaction, the chief operating officer owned 198,088 shares of the company's stock, valued at approximately $3,585,392.80. The trade was a 64.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,668,671 shares of company stock valued at $175,359,900.

About Galaxy Digital

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.