Galaxy Digital (NASDAQ:GLXY) Shares Gap Down - Here's What Happened

Key Points

• Galaxy Digital's stock price gapped down from a previous closing price of $41.23 to an opening price of $38.95, with the last traded price at $39.71 and a volume of 1,785,629 shares.
• Several analysts provided mixed ratings on GLXY shares, with target prices ranging from $35.00 to $42.00, resulting in an average rating of "Buy" and a consensus target price of $36.88.
• Insider trades reported significant sales, including Director Richard Tavoso's sale of 50,000 shares and COO Erin Elizabeth Brown's sale of 350,000 shares, reflecting decreased ownership stakes by company executives.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $41.23, but opened at $38.95. Galaxy Digital shares last traded at $39.71, with a volume of 1,785,629 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GLXY shares. Rosenblatt Securities lowered their target price on shares of Galaxy Digital from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Weiss Ratings reissued a "hold (c-)" rating on shares of Galaxy Digital in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Galaxy Digital from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Piper Sandler raised their price target on shares of Galaxy Digital from $36.00 to $42.00 and gave the stock an "overweight" rating in a report on Wednesday, October 1st. Finally, Jefferies Financial Group began coverage on shares of Galaxy Digital in a report on Wednesday, July 23rd. They set a "buy" rating and a $35.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $36.88.

Galaxy Digital Price Performance

The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.28. The business's 50 day moving average is $29.91.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.14. The firm had revenue of $8.66 billion during the quarter, compared to the consensus estimate of $13.11 billion.

Insider Activity

In other news, Director Richard Tavoso sold 50,000 shares of Galaxy Digital stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $28.28, for a total value of $1,414,000.00. Following the transaction, the director owned 400,000 shares of the company's stock, valued at $11,312,000. This trade represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Erin Elizabeth Brown sold 350,000 shares of Galaxy Digital stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $26.98, for a total transaction of $9,443,000.00. Following the completion of the transaction, the chief operating officer directly owned 198,088 shares in the company, valued at approximately $5,344,414.24. This represents a 63.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 433,333 shares of company stock valued at $11,851,323 over the last 90 days.

Hedge Funds Weigh In On Galaxy Digital

Institutional investors have recently modified their holdings of the company. CWM LLC bought a new position in Galaxy Digital during the second quarter worth $26,000. Manchester Capital Management LLC bought a new position in Galaxy Digital during the second quarter worth $32,000. Centerpoint Advisors LLC bought a new position in Galaxy Digital during the second quarter worth $33,000. DHJJ Financial Advisors Ltd. bought a new position in Galaxy Digital during the second quarter worth $34,000. Finally, TD Waterhouse Canada Inc. bought a new position in Galaxy Digital during the second quarter worth $37,000.

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.

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