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

Key Points

• Galaxy Digital's stock price gapped down from $28.42 to $26.07 before trading on Friday, currently trading at $26.47 with a volume of over 2.3 million shares.
• Analyst sentiment is mixed, with one firm rating the stock as a "sell," while others have given "buy" or "strong-buy" ratings, resulting in an average rating of "Moderate Buy" and a consensus price target of $35.00.
• Insider selling activity includes General Counsel Andrew N. Siegel selling 223,169 shares and CEO Michael Novogratz selling over 4.3 million shares, reflecting significant reductions in their respective holdings.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $28.42, but opened at $26.07. Galaxy Digital shares last traded at $26.47, with a volume of 2,387,971 shares changing hands.

Analysts Set New Price Targets

GLXY has been the subject of a number of research reports. Wall Street Zen upgraded shares of Galaxy Digital to a "sell" rating in a research report on Friday, July 18th. Rosenblatt Securities raised their price objective on Galaxy Digital from $25.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, July 25th. HC Wainwright raised Galaxy Digital to a "strong-buy" rating in a report on Friday, May 16th. Canaccord Genuity Group reissued a "buy" rating and set a $33.00 price target on shares of Galaxy Digital in a research note on Thursday, July 3rd. Finally, The Goldman Sachs Group assumed coverage on Galaxy Digital in a report on Thursday, July 31st. They set a "neutral" rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $35.00.

Galaxy Digital Stock Down 4.2%

The business's 50-day moving average is $22.45.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14.

Insider Activity at Galaxy Digital

In other Galaxy Digital news, COO Erin Elizabeth Brown sold 353,956 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $18.10, for a total value of $6,406,603.60. Following the completion of the sale, the chief operating officer directly owned 198,088 shares of the company's stock, valued at $3,585,392.80. The trade was a 64.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher C. Ferraro sold 1,250,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total transaction of $22,625,000.00. Following the transaction, the insider directly owned 1,437,921 shares in the company, valued at approximately $26,026,370.10. This trade represents a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,668,671 shares of company stock valued at $175,359,900.

Institutional Investors Weigh In On Galaxy Digital

Institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC bought a new position in shares of Galaxy Digital during the 2nd quarter worth $26,000. Centerpoint Advisors LLC bought a new stake in shares of Galaxy Digital in the second quarter valued at about $33,000. DHJJ Financial Advisors Ltd. purchased a new stake in Galaxy Digital in the second quarter worth about $34,000. FNY Investment Advisers LLC bought a new position in Galaxy Digital during the 2nd quarter worth about $60,000. Finally, SJS Investment Consulting Inc. bought a new position in Galaxy Digital during the 2nd quarter worth about $77,000.

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.